Our Vancouver real estate market has showed continual improvement since the provincial election this spring. We moved from a strong buyer’s market early on in the year with a 9-month supply of inventory dropping to a balanced market 7-month supply and September dropping to a 6 month supply showing a 50% increase in absorption rate. The consumer confidence has come back showing strong activity in all product.
Downtown condos are still slow but gaining momentum. This is mainly due to an oversupply and continued wave of buildings releasing new units. Entry homes such as townhomes and half duplexes are showing moderate to high activity being fed by many entry level buyers wanting to buy before rates increase. Detached houses are the hottest segment of our market now with local upgrade buyers lining up for anything under $2M and surprise surprise . . . off shore buyers have returned buying up large lots and big houses throughout the Westside. Sales activity year-to-year on detached houses is up 80% from September 2012. This is the highest monthly sales volume since 2009. Prices will soon follow suit. Interest rates threatening to rise, and uncertainty south of the border may curtail any dramatic gains, however, for all intents and purposes our market is stronger than it has been in several years and we are on our way to a record fall market. No matter what your real estate goals are we are happy to meet and discuss how we can assist.
