British Columbia Mortgages from CanEquity
January 2011 represented the lowest percent of mortgage applications of any January of the last ten years. And January is normally the busiest month of the year.
Also, estimated volume targets for BC for 2011 are 7.54%, A level not seen since 2002.
The average loan for Vancouver proper is $270,816. That implies that people are carrying over an awful lot of equity from their previous sale, or bringing their own cash from somewhere. No wonder the rumors of drug money have such legs. Where is that additional money coming from? Compare $271k to Toronto's average loan of $260k. Certainly doesn't even begin to reflect the average house price difference.
Also, estimated volume targets for BC for 2011 are 7.54%, A level not seen since 2002.
The average loan for Vancouver proper is $270,816. That implies that people are carrying over an awful lot of equity from their previous sale, or bringing their own cash from somewhere. No wonder the rumors of drug money have such legs. Where is that additional money coming from? Compare $271k to Toronto's average loan of $260k. Certainly doesn't even begin to reflect the average house price difference.
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