This is a positive read sent out by Blu Living Realty.
Have a great Canada Day weekend!
SUMMER STARTS HERE
Unsurprisingly, there has been a lot of talk about real estate in the last couple of months. So, we thought we would take a moment to give you our two cents….. Since the economic downturn of 2008 we have seen a rapid recovery. Fuelled by low interest rates and favourable buyer conditions, bargain hunters began snapping up properties and driving prices back up. Multiple offers once again became the norm as there was not enough supply to keep up with the demand. Before we knew it we had surpassed the highs of 2008 and set a new benchmark price in Vancouver according to the REBGV ($1.66 million for a West Side home and $510,000 for a West Side apartment).
It seems as though we are now at a stalemate. Buyers feel that prices escalated too fast and are awaiting a correction and sellers are holding on for maximum value. The result is a slower than normal market with well priced and desirable listings sitting on the market for months rather than days. It seems as though buyers are winning the battle as prices have begun to fall slightly. “Prices rose too fast and there needs to be about a 5%-10% correction before I return to the house hunt” seem to be the words from most of our buyers. Time will tell, but we expect things to be slow for the summer with some great deals to be found. As soon as the days get a little shorter and the lure of the beach wears off the market should be a bit more balanced. Unfortunately that means that Buyers will have lost any advantage they had during the summer.
Now is your chance to make this your best summer ever… live it!