According to a recent article on News 1130's website, BC building permits are up. As a leading indicator, is this a sign of increased optimism in our real estate market?
VANCOUVER (NEWS1130) - The number of building permits issued nationwide fell in October from September, but Vancouver posted a big gain. Statistics Canada says the national decline was 6.5 per cent, but the Vancouver area saw a spike of 22.3 per cent in permits to a value of $855 million.
Looking at year-over-year figures, Vancouver posted a gain of 146 per cent compared to an average of just 0.8 per cent among all census metropolitan areas. Vancouver was far ahead of all other major cities in the size of the increase in building permits.
This seems to follow Vancouver's apparent immunity to the economic malaise that has so affected many of the world's premiere real estate markets over the past two years. with the announcement of large projects from Pattison, Peter Wall and the Aquilinis, it certainly appears that those in the know have confidence in Vancouver's market.
I agree with the notion that this so-called "New Normal" in Vancouver's real estate market is more likely a return to the "Old Normal" which featured seasonal price fluctuations and a real need for expertise when it comes to buying or selling real estate. Gone are the days a junior relator can just list a downtown condo or west side house at any price and have it sell the next week. Moving forward, sellers who are interested in their bottom lines are well advised to employ the services of a realtor who specializes in their area and type of property.
Good luck to those who employ the services of realtors who do "Mere postings" where the realtor posts the seller's property on MLS, for a flat fee, and then wishes the seller luck. I can hear the lawyers wringing their hands already. Bring on the lawsuits. Buyer beware - you get what you pay for.
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