Since 2008, that the real estate market crash in the Canadian real estate sector is a bit of a rocky road, but it is so expensive that it depends on where you live. Vancouver real estate market actually managed to recover, with only about two years to rebound from the crash, the average price of homes is at this level.
So what is the current outlook for Vancouver market?
Vancouver Real Estate Market
Demand and supply. Even concerning the real estate industry or any other sector, supply and demand in the economy are generally driving factor. In cases where there are a lot of homes listed for sale, and the buyer are too little, it becomes a stagnant market, and the prices will drop. Conversely, if too many buyers are available and a shortage of homes for sale, the price will increase, and there will be comprehensive evaluation because of bidding wars. When a lot of buyers want the same house, then the price will increase. This scenario seems fine for those who sell, but generally increases significantly above the average price, and may ultimately have a negative impact on the market.
West Vancouver Real Estate Market
This is exactly the West Vancouver real estate market in the spring of 2011 right now. Homes have been selling way over the listing price (sometimes as much as $300k higher) because multiple buyers wanted to buy the same home. This brings the average property price up even higher in this already exclusive municipality of Vancouver. But this type of market is not sustainable and should soon even out. See more.
The North Vancouver Market
Though the neighbouring municipality of North Vancouver doesn’t see quite the same highly inflated sale prices, some homes are attracting multiple buyers and are selling for over asking price. The real estate market in North Vancouver is far more steady though, with the average prices staying closer to the all-time highs of 2008.
The Outlook for the Real Estate Market in Vancouver
The Real Estate Board of Greater Vancouver (REBGV) publishes monthly statistics based on the information provided by its 10,400 or so members. Factors such as the number of listings, number of homes sold, and prices of homes sold are considered, allowing the Board to compare information month on month, and year on year. The REBGV then publishes those statistics so that we can figure out what the Vancouver real estate market is doing. Figures published in July 2011 show that overall the market is balancing out. This is because over the past few months there have been more sellers than buyers and so prices even out as supply and demand level off.
So, what does this mean for anyone looking to buy or sell a home right now? Unless you’re hoping to buy in West Vancouver or the west side of Vancouver real estate (where prices are rising way above the average for Vancouver), a balanced market should indicate a good time for buying or selling. Get more information: https://placerealestate.ca/downtown-vancouver-condos/