Hello and Welcome Back.
The Vancouver real estate market has had - needless to say - an interesting quarter and a bit. The press loves to key on specific issues - at times shedding any real substance - for the sake of "another" headline. Thankfully most of our clients take these stories and follow up with someone they know and trust - in the business.
I took a look at the April numbers for the West End area of the City. Remember its the most diverse area just about anywhere - with properties (co-ops, lease holds, free holds) covering price ranges from $160,000 to millions of dollars - all within eye sight of each other.
April of 2013 is reflecting what we all sensed about 2 years ago. The historic run was taking a breather. The economic fall out has caught up to many and of course - believe what you will as we close in on the provincial election - our economic situation still hangs by a finger nail. We have a long way to go - before bragging rights can be tossed around. With the USA in very serious trouble and the European Union busting at the seams - a fool would think we can go it alone. Just not going to happen unless gold is found in our trees.
There are currently 229 active listings in Vancouver's West End - April of this year is reporting 30 sales. A look back - April of 2012 saw 53, year 2011 reported 61 and 2010 had 73 sales. A definite decline and the market shifted within those years from area to area - attached and detached. Vancouver has many "micro-markets" and its important to employ a realtor who knows them, works in them and understands them.
Diversity counts. The West End has 229 active listings - of these - 133 are below the $500,000 level. The most active price in Vancouver as a whole of late is under $500,000. This proves there are still many entering the market for the first time - taking a huge advantage of the historic low mortgage rates. I just assisted a client with a purchase of a very nice one bedroom condo in the city core. His previous suite - the same size - was renting at $1650 a month. With his purchase - his mortgage payment is just under $1300 a month. Low strata fees and taxes - he is still under the rental rate.
What is in store for the rest of the spring/summer market ? The same. We are very balanced on those properties that have sold. But with the amount of inventory on the market - buyers are not in the panniced state of the past and sellers are simply waiting for the right price to appear to sell their homes. I have had numerous conversations and they all lead to one thing - "let's wait a while and see what happens". A good approach - but one that can turn bad in very short order.
Contact me anytime to review your wants and needs. It's never too early to plan ahead and ensure ALL options are discussed. And be sure to drop into our new office - ON THE SEAWALL - at Coal Harbour. A first for Vancouver.