Tag Archives: Market Update

Market Update – May 2019

The real estate market in Vancouver continues to chug along at a consistent moderate pace with the odd spits and spats of activity.

Through our 38+ Point Marketing Plan, we have been successful in generating a high turnout and multiple offers on most of our listings resulting in well above market sales. The attached product is very active now with 1, 2, and 3 bedroom condos, townhomes, and half duplexes making up the vast majority of sales in our current market.

Our upgrade buyers are sitting pretty as they are in a super strong position selling their hotter entry to mid-level product and upgrading into the higher end detached product (houses) which is relatively quiet. Listing agents are rolling out the red carpet and making us lattes when we show their listings. It’s easy to setup tours, they are friendly, and accommodating and are hoping we choose their home to offer on. What a great market to buy a house in (see recent House article).

Our biggest challenge today is not necessarily the low activity stats, the numerous government tax programs, or the difficult loan qualification process (although these are not helping) but rather that the consumer confidence is down. Most buyers are playing the waiting game. If everyone waits, nothing happens. The market stays soft and prices flatline. . . . . It’s the perfect time to buy!

Once that big announcement in the media comes through that our market is recovering, prices are already well on their way up and those waiting buyers have missed the bottom end of the market cycle. At that point buyers begin climbing over each other to buy and prices climb faster than anyone anticipates.

So, if you are planning to make an upgrade, there is no better time than right now. Don’t miss this window as it will not last.

Best Options:
1. Do an equity take out on your current home and invest in an entry level detached house in East Vancouver.
2. Sell your condo/townhouse/duplex and buy your first house in the smallest marginal upgrade market cost we have seen in years.
3. Purchase with a friend or family member with a 3-5 year plan to cash out when the market decompresses and potentially earn 50 times more than what you are earning now in your investments.
4. Etc. etc.