Blog by Patricia Houlihan - Personal Real Estate Corporation

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Vancouver Real Estate slowing?

Well for anyone working in this industry, it has been clear for a while that the real estate frenzy has subsided in most neighbourhoods...although we are still getting multiple offers on the lower end properties in the hot neighbourhoods (this means under $600k in east van in good areas and under $1.2 in the west side).  Even on properties which just a few months ago would have sold in an instant, buyers are taking their time deciding whether to buy or not.  On one of our recent sales, it had been on the market for months and then suddenly we had two offers on it! 

Now more than ever it is critical to price sharply-some overpriced listings aren't getting a single call. 

Greater Vancouver sales volume has dropped by 31 percent!
I am currently trying to sell a view house in the Okanagan-and of course the front page of the Sun today talks about how the hardest hit areas are the Kootenays and the Okanagan.....and apparently these were the hottest markets in the province last year....hmmmm...guess I should have sold it last year!

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