The Vancouver Real Estate Market Update for September 2016 covers the Vancouver West Side & Downtown Real Estate Markets. This market update has shown some signs of a slightly stabling market. In September we saw housing sales bottom & condo sales almost bottom. This is good piece of mind for owners as sales are no longer on a down trend as there have been over the past few months.
Listings are on the rise again however. Listings have been on a downtrend for Houses since March & in the Condo market since June of this year. This rise in inventory will additionally add time and less urgency to the buying decision. So again this news in general is going to benefit Buyers giving them the piece of mind that the sales numbers are almost no-longer falling but they now have more inventory to choose from. I believe prices will stay softer then at the peak market we saw this year but will not be on a steep downtrend by any means…
Additionally I do see this new mortgage tightening rule that comes into play October 17th to tighten the domestic market flexibility. I believe this will negatively effect the entry level of the market speciically. I have had the experience my self of a buyer of mine achieving an interest rate of 3.39% but having to still qualify for the posted 4.62% after October 17th. This buyer would not have been able to qualify if he has to do so at the posted rate. I believe a lot of first time buyers will be facing this reality in the current market and they will have to act swiftly to finalize their approval on a purchase before the 17th.
For any further questions regarding the Vancouver Real Estate Market in East Vancouver, The West Side of Vancouver or Downtown Vancouver please don’t hesitate to contact me direct at firstname.lastname@example.org / 604 771 4606.