The Vancouver Housing Market:
The housing market has jumped astronomically to kick off 2016. Multiple offers are more common than ever and the price points have continued to grow higher at an unprecedented pace. There is still a heavy lack of inventory in this market which is helping drive the numbers in the direction they are going.
The Vancouver Condo Market:
Condo sales have also started the year with a quick rise from the end of 2015. The lack of inventory is the main point to blame for this situation, in addition to the low interest rates. This is keeping the first time home buyers active in this market of very high prices. In general the market believes things will be more expensive tomorrow.
In conclusion for both sectors, my opinion is that there is a lack of inventory for the following main reason. People are house poor for the most part. People selling today (even though making a large price gain since they purchased) will have nowhere to go as most people don’t have additional money other than home equity to “buy-up” with.. If you are downsizing in this market it is a perfect situation, you can pull some of the money of of the table and buy down with flexibility. But lateral and buying-up opportunities are extremely expensive and really need to be worth while or positioned properly to be beneficial in todays real estate environment.
For any further information on the Vancouver Housing or Condo markets please contact me direct at your earliest convenience at firstname.lastname@example.org / 604 771 4606.