On The Up & Up
It’s time to pack away the ‘End Is Nigh’ signs. It’s looking like 2012 was nothing more than a temporary slump in sales in the Vancouver area. All the naysayers will have to settle for a measly dip in the market, the rest of us, are moving on.
Vancouver real estate is hot again with no signs of slowing down. There were 6,498 sales last month across the province, up 43.2 per cent from September of 2012. And yes, prices are up as well. There was an 8.8 percent gain from the same month last year, with average home prices in BC reaching $537,458 ($786,522 in Greater Vancouver). Now having said that, the increases are based on a comparison with the slowest market we have seen in over a decade in Vancouver so we are definitely nowhere near where we were at the peak of the market but improvements are good. The most important thing for sellers is that in Vancouver at least, we are back to a sellers’ market…just barely though so if you are a buyer you might want to buy soon before we are back to the crazy market where everything that was listed sold immediately and usually with a bidding war.
While sellers are seeing great improvements in Vancouver east and the west side, there are still a lot of bargains to be had in other areas. The North Shore is still not a great place to be selling-so still good for buyers and there are also some pretty good values downtown. I am sure there are many other areas in the lower mainland where the values are still there-it seems like the City of Vancouver is doing a lot better than most other areas.
Would-be buyers are mitigating the worry of rising interest rates by locking in mortgage preapprovals in advance. The slight rebound in real estate prices has helped to bolster consumer confidence. It looks like the ripple effect of the 25-year mortgage from last year has stabilized and the buyers are back. Building continues at a breakneck pace and you only need to look outside and count cranes to realize that this city has no signs of slowing down anytime soon.
If you have been sitting on the fence all this time, it’s time to talk to me. It is likely that the market which has been so favourable to buyers is swinging the other way…..I have 3 generations’ worth of insight into the Vancouver market, and I can find you deals that others miss. Give me a call, and let’s get you a home in this steadily rising market.