Vancouver Real Estate Market Off to a Great Start!

we are edging towards a 'Sellers Market'"

During the first quarter of the year, the Greater Vancouver real estate market enjoyed improved sales up 16 %, versus April 2013 with prices slowly moving upwards to their May 2012 peak!

House sales led the way up 25%, condos came second +11% and townhouse sales delivered a respectable 6% gain versus April 2013.

Much of the upward pressure on prices can be attributed to the relative shortage of homes on the market. There was a 7% decline in the total number of listings available versus the same period last year.

It's especially encouraging to see activity in the luxury condo market, which had been lagging. Re-sales have been heating-up and there have been some impressive sales successes in new development launches such as TRUMP TOWER VANCOUVER, where small 1 bedroom homes started for around $1 Mil!

Interest rates remained stable and don't appear to be moving up in the short term. In fact, some terms have even dropped in the last few months, attracting more first-time buyers and investors to the market.

The outlook for the balance of the year looks good and even better for 2015, unless we see a substantial upward move in rates and a sputter in the global economic recovery.

Buyers may want to act sooner rather than later as all signs indicate that we are edging towards a 'Sellers Market' with much of the anticipated price softening behind us…

* * *

Did you know that the real estate industry is a key economic driver in BC. In 2013, 28,524 homes changed ownership in the Greater Vancouver area, generating $1.84 billion in economic spin-off activity and nearly 14,000 jobs!

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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