Over the last decade Vancouver's Real Estate Market has been hot and surging. A lot of economist and journalist write and predicting doom and gloom.
The FUTURE of the Vancouver Real Estate market is not going to burst or explode.
What you should expect in Vancouver is a strong buyers market over the next 10 months.
In the last few months the number of Condo listings in downtown Vancouver have risen by 50%. The number of homes sold have dropped by 20%. The price on average have also declined creating a buyers market (this is based on a average over all).
If you break down each corner of the Downtown Vancouver Real Estate Market and break it it further down by price category certain home are highly sought after and tend to draw multiple offers and a lot of interest.
-1 bedroom homes under $400K still move very quickly and don't stay on the market for a long period of time. This type of home appeals to many different types buyers. Don't expect this category to be a buyers market anytime soon.
-2 bedroom Condos between $600K - $700K are also a hot commodity and also draw a lot of attention from home buyers.
-Expect the rest of the product out there especially high end luxury condos to drop the most in value over the next few years.
The one key factor driving the Real Estate Market across Canada are the interest rates. If you plan on buy a home and living there over the next 5 years this is the time to purchase a home and make your move.
As a Real Estate Advisor there is one question I ask all potential buyers...
Would you rather purchase a home for $700,000 with a 3% mortgage rate (roughly $2300 a month) or would you rather purchase the same home for $630,000 with a 6% mortgage rate (roughly $3000a month)?
For more detailed Real Estate advice and information on your specific area contact The Aziz Group 604-726-3257