Wow! Bank of Canada lowers rate by 50 basis points to 1%. Who would have thought. Following this the major banks also reduced rates. I got off the phone with a client who was quoted 4.45% for 5 years! at that rate who cares what happens with Real Estate prices! it sure beats Renting.

Now don't get me wrong. I don't run around 24/7 telling people this is a good time in spite of whats going on. The world financial system is in a mess, layoffs all over the place and can we really trust wall street? But in Victoria we have a unemployment rate of less than 4%, we have seen homes drop 20% from the top of the market and we have seen interest rates tumble. I was with a few clients yesterday who were looking at homes we are going to make an offer on and their attitude was, it sure beats rent. I mean if the house does nothing over next 5-10 years but  your mortgage payments and rent payments are the same, what will you have at the end of the period? IF renting - zero, nada, zilch. If owning then you will have paid down some of principal of mortgage and have a true asset. In addition you will have had the pride of ownership.

We have lots of reports that we use with our sellers and buyers to help make sure that they are getting the most for their dollars. We analyze the market to let you know whats selling and whats not and many of clients have appreciated that information. if you live on Southern Vancouver Island then you owe it to yourself to email me or call me and set up a meeting and let me show you how 24 years of experience and surviving 3 downturns can help you with your real estate needs. Talk to you soon.