Hi, there. My name is Teresa Comeau and I'm with RE/MAX Realty and we're located on Main Street and East 32nd. Welcome to Market Update for 2013. I just wanted to share with you a little bit about what's happening in the market right now. Detached houses in East Vancouver under a million dollars is a very busy part of the market. Now that threshold of $1 million, is due to financing because anything over $1 million, you need to have 20% down, but under a million dollars you have more flexibility on how much percent you can put down on your down payment.
So, that makes those properties around a million and under very desirable for a lot of families. So there's multiple offers on all these properties that come on the market, and the good stuff is gone instantly, with more than one offer. so if you are looking to buy into that area, please give me a call.
I'd be happy to share with you a strategy can secure the property. And if you have a home that's in east Vancouver that's gonna be around a million dollars and you think you wanna be making a move, now's excellent time to do that. So again, you may call I'd be happy to talk to you about it. Now the condo market is relatively flat, we are seeing some more activity in the properties that are under $350,000, especially in downtown core of rentable properties.
These are investors that wanna rent these properties out. So those are busy. Now a lot of people have had rate holds on their interest rates because interest rates went up a few weeks ago and people are able to hold their interest rate for a certain period of time. Now those times are expiring so we're seeing some increased activity in the marketplace right now.
So it will be interesting to see kind of what happens as we go into the winter. The one thing to note is that the regular traditional market that we think of, like the spring market is busy and the fall market is slow, and nothing sells in winter; those types of stereotypes are not true anymore. It seems the market is more dependent on interest rates and global economy and things like that.
So if you're thinking about making a move. It's good to have a conversation with an agent or other experts in the field to kind of get an idea of what's really happening out there and not just following the typical stereotypes that we believe because those may not be true. So anyways, I'd be happy to help you.
If you have any questions, any comments, I'd be happy to hear from. Again my name is Teresa Comeau with RE/MAX Select Realty, and I'm located on Main Street. So thank you for watching and I will see you again soon.