Hello and Welcome Back.
The fall numbers are in for November and looking back to September - the summer trends continued for the most part, regarding sales activity and pricing. November showed anywhere from 30-38 % increase in activity but depending on the area sale prices fluctuated in the 1-2% range both up and down. All in all - no huge or surprising changes since the summer real estate season lit off back in June. This was due to sellers being realistic and buyers re-entering the market, after waiting years for the doom of previous predictions and publications to materialize - painting a real estate tsunami for Vancouver. Still waiting.
Interest rates are still holding - and yes if you remeber a couple of years ago - they were expected to go up in 2013. Still waiting. The economy is still on shaky ground - just look south to our American friends. Those who stated the recovery period from the 2008 financial crisis would take decades are proving to be more credible. Take a stroll on Robson Street here in Vancouver - there is a new store brand called "For Lease" - that is taking it by storm. But in saying that - the real estate market is showing a steady hand.
So buyers have returned. As mentioned previously, Vancouver - especially the downtown area - does buck most trends and when statistics are narrowed down to some of our "micro-markets" - they present a positive result. Commuters have had enough of driving. Period. Transit, when you really take a non-biased look - is not that bad. The services downtown are second to none. And proof is in the concrete pudding. Still building and adjusting to market needs - new developements are appearing within the core areas at a stready rate. Telus Gardens, Trump Tower, False Creek South, Drake Street, etc. All are almost complete and/or above grade, as we speak. Time and time again - the formula is simple. When you live in a city like Vancouver, local, national and global eyes, are upon thee.
With our new waterfront office in Coal Harbour - located right on the seawall promenade - it was amazing how many times last summer our global audience were so blown away by our city - they just had to stop by and say so. The conversations I had were, at times humbling. People from all walks of life, from all over the world - continually settled on Vancouver as being the best place they had paid a visit. Five of these became proud and very happy home owners - with no initial intentions of purchasing a home.
Feel free to drop in for a chat on your needs and wants. Straight talk. Straight answers.