With the Vancouver Real Estate market receiving a lot of speculation and bad media, the best thing to do is look at the most current stats and see the true story unfolding.
In 2011 average home prices went up due to multiple offer situations on detached homes in the Vancouver area from over seas buyers. This brought on wide speculation that the Real Estate market was way over priced and destined to collapse.
If you look at current Real Estate statistics you will find that the Vancouver Real estate market is more complex and more detailed then just bad or good.
Take the Vancouver Condo market for example;
-In May of 2012 18% of all homes listed have sold. This is a balanced market.
-Inventory of attached condos have risen 7.9% from last month and 21% from May 2011.
-Number of sold homes have gone up 5.22% from last month and down 10% from May 2011.
-Average home prices in the Vancouver Condo Market have dipped by 1.19% from last month and at par from May 2011.
Below: May 2012 Sales figures for attached condos broken down in areas.
COMMUNITY / Inventory / Sales / Sales Ratio*
Coal Harbour 220 20 9.09%
Downtown 521 89 17.08%
Westend 257 58 22.57%
Yaletown 344 75 21.80%
TOTAL 1342 242 18.03%
If inventory keeps on rising and mortgage rates stay more or less the same, expect home prices to dip more over the next few months and a prime time to purchase a property.
The best time to purchase a home in the Vancouver condo market will be in the summer months of 2012.
For more information on your property value or assistance in purchasing a home in Vancouver call The Aziz Group and get knoweldge and power on your side.