Dean Thompson
Cell:250-898-4777
Office:250-339-2021
Toll Free:888-829-7205

 increasing prices

 Comox Valley real estate news for December 2017 

 Some notable statistics until December 1, 2017 are as follows:

  • The average single family home sale price for November 2017 was $472,598; an increase of 5% from the same month last year.

  • Single family homes sold for an average of 97% of their list price in November.

  • New listings for detached homes were up 44% in November compared to the same month last year.

  • The average number of days for a single family home to sell in November was only 38 days; a decrease of 40% from November 2016 (64 days). 

For detailed information visit  Comox Valley Real Estate Statistics or  contact me directly. 

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          MOUNT WASHINGTON is now open for the WINTER season from 9am-3:30pm! Night skiing Thursday to Sunday 3:30pm-9pm, starts on Dec. 14th. 


          Get your passes for the 2017/2018 ski & snowboard season at www.mountwashington.ca


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          Mortgage Rule Changes effective January 1, 2018 

           The Office of the Superintendent of Financial Institutions Canada (OSFI) is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.  In layman terms, what this means is that everyone purchasing homes with a down payment of 20% of more will now be required to qualify at an interest rate approximately 2% above their lenders prime lending rate...or at about 5% at current interest rates.   The OFSI want the lenders to be less risk adverse and ensure Buyers can still afford to pay for their homes in the event of future interest rate hikes. 

          This new rule is going to reduce the amount of mortgage dollars that home Buyers with large down payments can get.

          An Example:

           Under the current mortgage rules, a family with a gross annual household income of $70,000, with no other debts would be able to qualify for a mortgage of roughly $400,000. They would need to have a down payment of $100,000, but with that they would be able to purchase a house for a price of $500,000. 

           

          Under the new rules in 2018, the same family with the same gross annual household income of $70,000, the same $100,000 for their down payment and no other debt will only qualify for a mortgage amount of $320,000 and therefore a maximum purchase price of $420,000.

           

          So in this scenario the family’s purchasing power will be reduced by $80,000 due to the new mortgage rules.

           

          For more information, Click Here.
           

           

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          Comox Valley Farmers' Market  on Saturdays from 10am-1pm!

           

          The Fall Farmers' Market has now moved indoors for the winter season to the Native Sons Hall in Courtenay.  


          For more information:  www.comoxvalleyfarmersmarket.com


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