Vancouver Condos for Sale market. Strong, resilient, growing: these are just a few words that are often used to describe the Vancouver condo market. While much of the United States and even parts of Canada have suffered a dramatic decline in housing sales and prices, Vancouver’s market continues to grow despite economic uncertainty. Some experts point to foreign investment interest or Vancouver’s quality of life and even the climate (despite all the rain) as reasons why Vancouver’s market remains strong. Nevertheless, Vancouver’s condo and townhouse market has been subject to more controversy over the past few months, with some suggesting the market may be headed for a recession.
Since the recession that began in late 2008, Vancouver real estate identifie as one of the strongest markets in North America.
Although housing prices fell slightly in late 2008 and early 2009, the market quickly recovered and it wasn’t long before record prices were set again. Add to that historically low mortgage rates and it’s hard to imagine Vancouver’s real estate problem going down the drain.
But since the Olympics ended in 2010, speculation about the health of the market has turned more negative. For the most part, experts are avoiding describing Vancouver’s condo/townhouse market as a bubble on the verge of bursting. Prices have risen steadily over the past few years and a catastrophic fall is unlikely. Still, there is an untold number of condos in Vancouver right now, mostly due to the available inventory in the Olympic Village. While a sudden correction is unlikely due to low-interest rates and rising condo prices, we may see some deflation of what many experts are referring to as Vancouver’s “balloon” real estate market. So while a blowout is unlikely, a slight drop in prices, lower high-end sales, and higher-than-usual unclaimed inventory could mean savings for some buyers.
Let’s be clear about something, the 2012 outlook for the Vancouver Condos for Sale market is still strong.
Our economy is growing and interest rates remain low, which should stabilize the market for the foreseeable future. Fortunately, buyers are seeing a little more flexibility in the market and are finding more affordable options for condos in and around Vancouver. There is no question that the market has cooled over the past year, but with a lot of foreign interest and an improving economy, any market correction is likely to be small.
So what does this mean for players in the condo market? First, sellers can expect it to take a little longer to get a reasonable offer on their home. Sales continue across Vancouver, but due to available inventory, buyers are taking longer to make decisions as they consider more options. And for buyers, while they should still expect condo prices in Vancouver to be higher than the national average, they currently benefit from more choices.
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Sales show Vancouver buyers are choosing the suburbs over urban living
Young families and even some single buyers are now looking to the suburbs of Vancouver for permanent residence. Last hour? Sales by the Real Estate Board show increases in condo home sales in Burnaby, New Westminster, and Vancouver’s west side. Condos are more accessible for certain types of budgets and it seems as if those budgets are quickly becoming the defining factor in Vancouver real estate.
Numbers from the MLS and Lower Mainland real estate companies look somewhat bleak for the city’s detached home sales. According to these numbers, realtors saw more than 2,641 home sales in the city in March. While that may sound good to unbelievable ears, the Real Estate Board of Vancouver shouts that these numbers are down 17 percent from the previous 10-year trend for March home sales.
Condo sales are the numbers that real estate agents are currently watching. As they determine where the most money is being spent and where they should focus more on their selling points. As previously mentioned, Burnaby and the west side of Vancouver Condos for Sale are seeing a remarkable change in home sales. Sales of condo units in March alone exceeded those of detached homes within the region. which has caused concern among many agents.
However, townhouses are the real concern.
According to new numbers released for the month of March, townhouse sales in Metro Vancouver fell three percent compared to last year, with just 432 homes sold during that period. Ironically, townhouse prices actually increased by about 1.5 percent which probably attribute to the shift in purchasing.
The contrast in home buying within the city of Vancouver is the number of detached homes and townhouses purchased in the Valley area. Numbers released now show that MLS listings have cleared more than 1,250 sales, representing a more than 12 percent increase from the same month and region a year ago. Of those 1,200 sales, more than 58 percent detach home sales. That rate is up 3 percent from last year.
There seems to be some correlation between the prices of condos, detached homes, and townhouses that are creating this discrepancy for Vancouver real estate. Prices for detached homes remained high with modest increases, while prices for both townhouses and condos fell by half a percentage point. Whatever the case, the facts remain the same, Vancouver’s suburbs are selling more homes than the city center. Only time will tell how long the trend lasts.
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