August Market Update

As I have been a mortgage broker for just almost 20 years, I have seen a lot of interesting real estate markets. However this year really takes the cake. February, March & April anything with a roof sold as soon as it hit the market and in most cases with multiple offers and in many cases well over asking price. However since cases of Covid started declining and provinces started opening back up, things have slowed down.

I speak with hundreds of realtors every month and the common belief is that since things are open many people are choosing instead to take a well deserved vacation. In many cases their first in over 18 months. The fundamentals of the market are still relatively the same with not a lot of listing, it just that the buyers are taking a break. Don’t get me wrong there are still many properties getting multiple offer and going well over ask, but the consensus is that this is mostly the mid range properties. Will the craziness come back once school starts, only time will tell.

Today I am thankful for all the great conversations with past clients yesterday, a quiet early morning walk with my dog while most of the neighbourhood was sleeping and a run that seemed slow at the time ended up being much faster than I had though.

“I will forever believe that buying a home is a great investment. Why? Because you can’t live in a stock certificate. You can’t live in a mutual fund.” Oprah Winfrey

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here