It has been a somewhat rocky road for the real estate industry in Canada since the real estate market crash a few years ago, but how rocky that road depends on where you live. The Vancouver Real Estate market has actually done quite well to bounce back, taking just about two years to recover to the all-time highs that were experienced just before the crash, and median home prices are now hovering around that level. Therefore, what is the current view of the Vancouver Real Estate market?
Vancouver Real Estate Market
Demand and Supply whether you are discussing the real estate market or any other market, demand, and supply is often the driving issue behind the economy. When there are too many houses for sale and not adequate buyers, the market stagnates and therefore prices will go down.
On the other hand, if there are too many buyers and not adequate houses to sell, prices can inflate for the reason that we turn out with bidding wars when numerous buyers want similar houses. This scenario sounds good to those individuals who are selling; however, it generally drives prices well above average and can finally have a bad effect on the industry.
West Vancouver Real Estate Market
This is actually what has been happening in the West Vancouver Real Estate market during the spring of 2011. Houses have been selling well above the list price (up to $350k higher sometimes) as many buyers wanted to purchase the same house. This pushes the median property price even higher in this already exclusive Vancouver borough. However, this kind of market is not sustainable and should level out soon. Know more here!
North Vancouver Real Estate Market
Although the North Vancouver neighboring municipality is not seeing similar highly inflated sales prices, certain houses are attracting a lot of buyers and are selling above the asking price. However, the North Vancouver real estate market is much more stable, and the average prices remain closer to the all-time highs.
Vancouver Real Estate Market Outlook
The Greater Vancouver Real Estate Board publishes monthly statistics based on data delivered by its approximately 10,500 members. Factors such as the number of homes sold, the number of listings, as well as the prices of homes sold are considered, allowing the Real Estate Board to compare data month-to-month and year-to-year. The Real Estate Board of Greater Vancouver then publishes those statistics so we can find out what the Vancouver Real Estate market is doing.
Figures released show that the overall market is generally balancing. This is just because in recent months there have been more sellers than buyers, so prices even out as demand and supply level off.
Therefore, what does this mean for anybody looking to sell or buy a house at the moment? Unless you want to buy in West Vancouver or on the west side of Vancouver – where prices are rising well above the Vancouver average, a balanced Real Estate Market should indicate a good time to sell or buy. More details in site: http://www.demopoliscreditunion.com/top-12-tips-for-selling-your-downtown-vancouver-condo/
