Hello and Welcome Back
A quick note to pass on seasons greeting to everyone - now that the rush is over and hopefully a day to take a breath is upon you. A great day it is here in Vancouver. Sunshine no doubt will have everyone out and about enjoying a break - without umbrella's !
On the real estate front - like many of my previous posts stated - the Vancouver market has endured a "slow-down" on most fronts. Of course I keep pointing out it was most significant on the activity front - vice the pricing and final selling values. We were no longer in a panic state when properties were hitting the system. Buyers are now taking their time - sellers are now adapting to a new norm (which is really the old norm) that homes will take time to sell.
Case in point. Boxing Day had us receive an offer on a beautiful condo in Coal Harbour. This is a classic case of someone finding a new home - that is right for them - in the right price range. This home was on the market almost 7 months - was immaculate - appliances never used - complete new paint throughout and showed extremely well. Easy to view - we never missed a request to do so - being only blocks away. The spring market was stronger realitive to price and we adjusted the price - as the market itself adjusted. This too was a common case of new owners looking to not only downsize from larger homes but to slide into a "new" lifestyle - the waterfront has to offer. Convenience - low maintenance and location - all seem to be the driving force of late. Not an easy task - leaving 3000 square feet behind to move into 1300'.
So now - the first prediction for the spring you say ? Not a chance I'm stepping out on that limb. I like my feet on solid ground. There are zero indications of what may come. Once you look at both the local, national and global fronts - if you do happen to choose a realtor with all the answers (that economic scholars are shying away from) I wish you well. Our real estate market is dictated by just two issues. The Seller and the Buyer - as both are affected by economic situations. Looking south - the US still has party politics trumping what is good for country as a whole. I am sure none of the senators involved are worried about where their next pay cheque is hailing from or contemplating how long they can hold onto their homes. Enough said on that front. Italy has supposedly crossed the line into the "Greek" zone - unable to admit as of yet and France is hanging on by a finder nail - looking down the same road. 2013 is going to be one of the most significant in decades - on so many fronts.
What I can say is we are living in one of the best cities in the world - in the best country in the world. This bodes well for mid and long term real estate levels - just take a look at the cranes and re-zoning applications that dot the city and the outlying areas. Of course next year will see a run of new options hit the market and yes - it will take time to absorb this stock. Hence pricing will reflect this. But migration to the Lower Mainland is very steady - second to Toronto on the national front. If you build it - they will come. Just not in as big a rush.
Happy Holidays to you all and best wishes for 2013 !