Home sale activity remains elevated across Metro Vancouver’s housing market while the pace of homes being listed for sale continues to follow long-term averages. The Real Estate
Your Home is a Savings Account - Case Study #1
Dated: July 26 2021
CASE STUDY #1
Single detached home - Richmond, BC
$700,000 - bought in 2015
$1,325,000 - current market value
$625,000 gain in 6 years or $104,000/year
These homeowners have built equity and now have the option of upgrading to a bigger house or apply for a HELOC (Home Equity Line of Credit) and use the proceeds for home renovation, pay off higher interest debts, etc.
When you are able to pocket $625,000 and pay down a bigger down payment, your monthly mortgage payment could even be less than what it was originally.
Your options open up.
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While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.The Real Estate Board of Greater Vancouver
The Metro Vancouver* housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.The Real Estate Board of