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Could the Vancouver Real Estate Market be on the Upside?
A recent article released by the Vancouver Courier suggests that housing inventory, while higher than in recent years, is still historically low – leading to increased demand, according to Dexter Realty.
The brokerage pointed to May sales of Metro Vancouver homes being 44.2 per cent above those in April, and said that it showed a market that has “a gasp of breath.” It said that this increase in demand combined with relatively low supply is a sign of confidence in the market.
“There is confidence in the Metro Vancouver real estate market long term—with more buyers and fewer sellers, it will lead to stabilization in the market. We may be seeing prices bottom out in the lower and middle end of the market, but there are still great opportunities for buyers. However, [those opportunities] are diminishing.”
What does this all mean for you as a Buyer?
If you're looking for a great deal on a home, should you wait for the market to bottom out? Ofcourse we all want a great deal, however you may not have a lot of choices in homes when the time comes. Perhaps now is the time to get ahead of the curve. If you like a home that's been sitting on the market for a little while. Now could be a perfect time to pull the trigger.
Contact me if you'd like to discuss your Real Estate needs or to chat about the Real Estate Market.