Stone Ridge Phase 3
CAMOSUN WESTSIDE Sooke’s #1 Real Estate Office 2015 SOOKE’S REAL ESTATE REVIEW
So far 2016 has seen 636 sales of all types of real estate. The number of single family detached homes is 400* having sold at an average price of $483,254* taking on average 61 days on the market to sell. At time of publication between $300K –$500K there were only 35 single family detached homes for sale with just 7 of those between $300K & $400K. Rules introduced requiring CHMC insured mortgage applicants to qualify at posted bank rates regardless of the mortgage term are sure to impact the market to some degree. This change is designed to take some of the heat out of the market, and prepare homeowners, particularly those just entering the market, for the inevitable increase in rates off the current historic lows. The upshot from this change that took place October 17th, 2016 is insured mortgage applicants will qualify for about 20-25% less than prior to its implementation. With the current inventory of available homes (supply) at these low levels we anticipate that at least in the short term the market will remain active. Beyond the upcoming 2017 spring market it’s hard to know how it will play out until we see how the new approval requirements impact not just the entry level market for 1st time buyers but the broader market as a whole. Are you considering selling? An opportunity to take advantage of current conditions remains through the balance of the year and we expect into the spring market of 2017. Call for a relaxed discussion on the value of your home in today’s market. We can also give you some tips for maximizing your sale’s price whether it’s for this year or the upcoming spring market in early 2017.
About the cover...
Fishing boats tied up at Government Wharf in the Sooke Harbour captured through the lens of photographer Quintin Ehman. Qunitography.com
Sooke’s Home Team
* VREB Statistics 2016
Cristina Staicu Personal Real Estate Corporation
we know the market & the community
Oliver Katz Personal Real Estate Corporation MLS GOLD 2001 –2015
MLS AWARD WINNER
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