Vancouver real estate market – Strong finish for 2013!

a sales surge of 71% in December!"

The Greater Vancouver real estate market experienced improving sales with prices reasonably steady during 2013.

The uptrend in sales can be attributed to rising interest rates causing many, especially first-time buyers, to expedite their home search for fear of loosing out on record low mortgage rates. There was also a great deal of 'pent-up' buyer demand overflowing from a quiet 2012 market.

It was a great end to 2013 with a sales surge of 71% in December vs. Dec 2012, helping propel the market 14% above the prior year! This combined with a 6% decline in listings helped to support price stability in most markets.

As I expected, the entry level and investment market led the way.
Savvy investors were actively taking advantage of the market, low interest rates and strong rental demand. First-time and move-up buyers found some great opportunities, especially in certain areas of the condo/townhouse market.

For those with deeper pockets, the luxury market, both houses and condos, took a step back with prices having adjusted accordingly. But even here, many well priced homes sold quickly. (Market stats link below)

What's ahead for 2014? Watch for my market predictions to follow…

* * *

Many property assessments down for 2014!
What does this mean for your properties actual market value?
Call me anytime to discuss…

Family, friends, associates buying or selling?
As always, your referrals are welcome & very much appreciated.

All the best for 2014!

Wayne


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

All information is approximate

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