Real Estate TODAY!
That the Vancouver real estate market is in what in considered to be a ‘balanced market” that
is when the sales to listing ration number of listing compared to the
number of sales is 15-20% of the available listing inventory this market
is expected to remain for the balance of this years and into 2012.Prices are still remaining high and there seems to be no signs of a substantial reduction in the near future.
A. Even though the “experts” predict the “real estate bubble” will burst any day as they have for the past several years it seems highly unlikely that prices will drop drastically, even the most pessimistic of so called experts peg selling price reduction as less then 5%. There is no real indication that this is or will happen in the Lower Mainland.
Affordability is certainly a factor that has made it virtually impossible for 1st time buyers to buy a single family home in
Vancouver
and the close in suburbs and that will not likely change. Many row townhouse properties are also out of the reach for 1st time buyers. Leaving the 400 - 600 sq. ft. condo as the only option for 1st time buyer that want to live in town.
There does not
appear to be a housing price collapse in the near future. " Prices will
remain stable or rise a bit, homes will take longer to market it still
is one of the best buying opportunities that we are going to have going
forward. With historically low mortgage interest rates, some sellers
willing to negotiate, lots of properties to choose from and ample time
to look for a suitable properties that best fits most of the Buyers
needs.
Q. Who's buying now?
A. 1st time buyers taking advantage of low rates. Downsizing empty nesters getting rid of the estate sized yard and moving downtown. Upwardly mobile 3 & 4th time buyers moving up to their perfect homes. And last but by now ways least offshore buyers, ( Mostly Asian) investing money in very expensive, mostly West Vancouver and West Side homes as a hedge against upheavals in the Asian economies.
Vancouver is one of the most desirable places in the world to live and one of the safest laces to invest in real estate. Will
Vancouver
become a less desirable place to live and own property any
time in the foreseeable future? Not very likely! Will real estate
values keep rising as they have historically? You can take that to the
bank for sure.
What to do? You decide!
What not to do? Don’t wait too long and miss the next market run!
I have been a Licensed REALTOR® in B.C, since 1980 and the “experts” were saying prices had reached a pinnacle they would never reach again, False Creek condos we selling for as high as $80 per square foot. In 2008 they reached $2800 per sq ft and higher. Some are now selling over $3000. In other world class cities prices are to $5000 -$7000+ per sq. ft. perhaps we still have a long way to go before prices reach world class.
Happy Investing
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