Houses & large, luxury condos lead Vancouver Real Estate Market!

Market very active but highly segmented"

The Market continued to improve in September with sales and prices up in all categories (see your area update below).

Much of the upward price pressure came from the mid-upper end house & luxury condo (pre-sale also) markets…a trend that's likely to continue. However, price increases for re-sale condos/townhomes in the entry-mid level market have been slow & steady and remain a stabilizing market factor.

Generally speaking, the market remains very active overall but 'highly segmented' with sales & prices moving in 'Micro-Markets', according to neighborhood, home type & price point.

Two areas experiencing some difficulties in this backdrop are the move-up & younger, entry level home buyers.

Move-up buyers are seeing the price spread widen between their entry-mid level homes (Condo/Townhouse) and desired move-up homes (Houses). Increases for larger, upper-end homes, $1.1 mil or greater, have edged up 18% since 2010 compared with only 2 % for homes $500K-$1 mil.

Home ownership in the younger group (25-34) has dropped over the last 2 years from 55% to 50%. However, this is most likely a short term phenomenon due to tightened mortgage regulations over the past several years.

*See my site for 'Recommended Reads' – 'Move-up buyers feel the squeeze', 'Rich homeowners get richer' & 'Demand grows for larger, family-size condos'.

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

All the best for the remainder of 2014,

Wayne

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

All information is approximate

Click here to view newsletter archive

Site Map MLS Reciprocity

© WAYNE PASCO SUITE     Disclaimer


Site Designed By : Atomic Eye Design
Site Maintained By : Clayrose Internet Creations