So much excitment in the air with a new "Buyers Market". BUT wait ... its not as drastic as some reports suggest.
Home prices have declined in both sectors; new homes and resale. We are talking only a few percent and a little more added pressure on the sellers to sell. These figures also vary from location to location and in some cases in Vancouver building to building. There are homes on the market selling at their highest prices ever with multiple offers. There are also homes on the market that have been sitting around for months and the owner is continuously dropping the price.
The rule of thumb is " Vancouver's Real Estate Market is currently a Buyers Market". Stay away from the hype of prices are 10% down across the board or lets see how low prices will drop over the next few years. Those are the buyers who will out wait the buyers market era and find themselves paying more at the end of the day because they never pulled the trigger at the right time.
A report released by Stats Canada this week showed that new home prices have dropped by 0.4%. Vancouver has just experienced the most significant monthly price decline month over month. Enough Said.
The BCREA released today, the number of home sales have risen by 3.3% compared to the same month last year. With low mortgage rates, slightly lower prices and a cold winter coming our way. Be prepared for the best "Buyers Market" we have seen in the Greater Vancouver Area in a while.
For Further info and Real Estate advice call The Aziz Group to assist you along the process of Buying and Selling your home.