MARKET UPDATE – SEPTEMBER 2015
Greetings From Vancouver “The New Sunny California”!
As usual, there are a variety of expert opinions and reports coming out about the future of Vancouver Real Estate. What’s different about 2015, is that major Canadian banks and think-tanks are reporting a positive outlook on the market moving into 2016. In separate reports, both RBC and CMHC have called for a continuation of a busy market until the end of the year. Despite concerns about recessionary pressure and volatility in Asian markets, Vancouver property is still viewed as a world class investment. Many experts are saying that this is just the beginning.
Vancouver’s low seasonal inventory and higher than average sales created the high demand situation which has led us to where we are today. Our market place has sustained a “Seller’s Market” since January.
As in previous years, demand for detached home and their price gains have outpaced those of condo, townhouses and apartments. That said, attached homes in specific areas have seen larger gains and activity than we have seen in a long while. In fact, we just experienced the strongest August in 20 years according to the Real Estate Board of Greater Vancouver’s statistics!
Inventory is still on the lower side, but this is typical for the opening of the fall market season. As in years past, we anticipate that fall will be a time of more choice for buyers, and sustained demand for sellers’ properties making it a great window of opportunity to make your move.
What does all this mean for you? When you see a property that looks interesting, let us know right away so that we can guide you through getting your best offer in. A great offer isn’t only about price; working with you, we will craft the offer that both meets your needs and looks great to sellers.
Properties priced right for the market will get several offers during the first week or two, and bidders who don’t get their offers in early often miss out.
If you are thinking of putting your home on the market, the activity remains excellent and prices are at an all time high.
What ever your needs, Marty and I are always happy to chat with you, your family, and your friends regarding moves and real estate goals.