This is the Vancouver Real Estate Market Update for March 2016. This Market Update covers the Listing & Sales numbers for both the Housing & Condo markets on the West Side of Vancouver.
Housing Market Update:
The Housing market as you can see has already surpassed the numbers (Listings & Sales) of 2015 in the 1st quarter of 2016, with no slowing down in sight. Multiple offers are still the norm and the “fear of missing out” on today’s prices is still very real. As you can also see, sales are holding much stronger than listings. Land is still looked at as the #1 commodity to the majority of the high-end foreign buyers here in Vancouver. Main fundamentals like driving this decision are still school catchment, lot sizes, views & Architecture.
Condo Market Update:
Condo sales are also on a very steep incline, similar to the housing market. The Condo sales are nearing 2015 highs but listings have began to fade off track. This of course will only continue the strong sellers market that we have been watching already. Additionally in this market there is no sign of any slowing in the near future. The high-end condo market is continually climbing to new financial heights & the main drivers in todays condo markets (busiest segments) are the 1 bedroom market under $600K & the 2 bedroom market under $900k. These two markets are predominantly being run by locals trying to get in before the prices reach un-financable levels.
For any further information regarding the Vancouver real Estate Market (East Side or West Side) please don’t hesitate to contact me direct at email@example.com / 604-771-4606.