Categorized | Featured, International

Vancouver is Quickly Becoming a Buyers’ Market

Vancouver is Quickly Becoming a Buyers’ Market
Please Share!

While it has traditionally had one of Canada’s most in-demand real estate markets, Greater Vancouver looks to moving in a very unfamiliar direction. As the number of houses listed for sale in the area increases, the number of sales continues to remain stagnant at best. In fact, the sales numbers for the Greater Vancouver area are at unprecedented lows that have only been seen a few times during the last decade.

In many respects, Greater Vancouver is actually becoming a buyers’ market, a distinction that is incredibly atypical for the area. The lack of increase in sales despite the growing number of single-family home listings has resulted in declining prices in the past few months.

Although the real estate sales and prices in Greater Vancouver have dropped over the past few months, they are still up from where they were last year. In fact, some areas have seen price increases of nearly twenty-five percent, and sale increases of more than thirty percent.

Analysts are not entirely concerned about the current state of Greater Vancouver’s real estate market due to its steady year-over-year gains. However, they are most certainly keeping a close watch on it, because if the current monthly trend continues, the overall outlook on the area’s real estate market could be downgraded. All indications, however, point to a quick turnaround, as low mortgage loan interest rates, a tremendous amount of new homes for sale, and slightly depressed home prices should all provide enough incentive for buyers to start buying again.

Please Share!

About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

Leave a Reply

Twitter Chat