Supply shows signs of tightening

Sales represented a 40.4% increase over August 2008!"

September, 2010
Last month, both the number of sales and properties coming to market declined 36% & 17.5% respectively versus August 2009.

Sure, this summer was rather quiet with many buyers and their realtors away on holidays. But from a wider perspective, one should consider that August 2009 was an "all time high" for sales volume in Vancouver.

In fact, last months residential sales represented a 40.4% increase over August 2008!

Those looking to purchase that perfect home should remain active in their search. No matter what the market conditions, there remains a shortage of well priced, quality homes and many of those homes are selling in a matter of days or weeks!

Right now, the conditions are ideal for buyers with greater selection, record low interest rates, downward adjusted prices and fewer bidding wars for homes.

But how long will this "buyers market" continue?

We see a continued tightening in the supply of homes in prime areas as sellers, with low motivation, put selling on hold or withdraw their properties from the market until things improve.

Buyers in a "holding pattern" will need to rent, which is in turn "tightening" the supply of rental properties while putting upward pressure on rental rates. It appears that "sidelined" investors are already beginning to take note.

Vancouver remains an attractive destination for foreign buyers & a quickly expanding migrant "Boomer Buyer", looking to return home from other, more frigid parts of Canada.

All eyes on September sales!

"FULL MARKET UPDATE"- (REBGV)
Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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