B.C. millennials are jumping on the chance to buy homes, after a pause in the market early in the pandemic according to a new survey from Royal LePage.

Interest rates have dropped making borrowing costs lower than they91裸聊视频檝e been in decades.

91裸聊视频淚91裸聊视频檓 getting millennial clients come with pre-approved fixed five year mortgages of 1.5 per cent. I have never seen rates that low,91裸聊视频� said Vancouver-based real estate agent Adil Dinani.

What91裸聊视频檚 unique this time is that house prices also dipped, so for once in a blue moon home buyers got low prices and low mortgage rates.

Dinani called it a rare alignment.

91裸聊视频淚t91裸聊视频檚 given an opportunity to buyers who thought they were priced out, or for whom the prices were unattainable. It91裸聊视频檚 not pushing folks into something they wouldn91裸聊视频檛 have done, it91裸聊视频檚 just letting them get in sooner than they would have expected,91裸聊视频� he said.

In the first few months of the pandemic, everything slowed down, including home sales. Properties that were already listed dragged on while people waited to see what the COVID-19 fallout would be.

And so inventory piled up, and interest rates stayed low.

91裸聊视频淚n the beginning people were just thinking about how to manage life, let alone buy a home. But now that they91裸聊视频檙e feeling more comfortable about things, including job stability, they91裸聊视频檙e getting into the market. I haven91裸聊视频檛 seen this segment of the market so active in probably three years,91裸聊视频� Dinani said.

By now, he says the condominium market has bottomed out, and detached homes are already high again 91裸聊视频� in some areas as high as the 2017 91裸聊视频渆uphoric91裸聊视频� market.

Royal LePage predicts prices will be nine per cent higher, on aggregate, than last year, and Dinani91裸聊视频檚 already seeing price half-way to that mark.

While low interest rates remain a good opportunity for buyers, he warns against making emotional the fear of missing out. Usually a term used to describe missing out on social events, Dinani said he91裸聊视频檚 starting to see it where first time homebuyers are being outbid of three, four, five even six times before finally getting to close the sale.

91裸聊视频淵ou almost get fatigued to a certain point where you91裸聊视频檙e just like, let91裸聊视频檚 just get this done.91裸聊视频�

The survey, which interviewed 2,000 subjects, found that almost half of 25 to 35 year-olds in B.C. already own their own home, and a quarter of them bought their first home during the pandemic.

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