This morning I spent some time not only having a good breakfast, learning a few interesting points from CMHC and their research. More geared towards the Fraser Valley.
Here's some interesting points that I was able to quickly write down. They are in point form and some may just seem random. I tried to write down what I beleived were the most important!
-Fraser Valley market is in a balanced market, while Chilliwack is in a buyers market
-Vancouver average house price is $1.182m while the Fraser Valley is at $623k.
-With the twinning of the Port Mann more people are to settle in the Fraser Valley. Easier access to Vancouver and surrounding areas which will keep the Fraser Valley, more so Surrey and Langley as a hot spot
-House prices are predicted to go up 5% in 2011 and 3% in 2012 in the Fraser Valley
-Rates are to remain favourable
-CMHC predicts the variable to have a very modest increase of maybe up to .50% in 2011 and 2012
-$123B in housing starts are registered
-Inter provincial population growth is expected to be about 8-9000 people. Which international is expected to be around 50-55,000 for 2011-2012. In the Fraser Valley approximately 11,000 of those will come while the others spread around the GVRD. Surrey is still expecting about 1,000 people a month, as it is right now, to come.
-Business bankruptcies do not have huge numbers like they did in the 90's which is a great sign
-The population age between 65-74 years old is growing fast and more demand for smaller homes will be needed
-Full time employment is down. Abbotsford's unemployment was one of the highest recently at just over 10%, while in the last month it has come down
And here's something that I really didn't know about in regards to your CMHC insured mortgage if you are making lump sum payments. You can actually ask for that money back from the lender in one lump sum or over a period of time. The returned amount has to be the lesser of the original amount or 90% of the homes value.
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