Greater Vancouver Real Estate Review - All segments have a strong 2014!

Sellers’ Market took hold during 2014"

This market experienced strong sales in step with historical averages and prices rise nearly 6% since Dec 2013.

Much of the strength can be attributed to continuing record low interest rates, pent-up demand from 2013 and increasing interest from International Buyers turning to Vancouver as a safe & secure place to store their wealth.

A Sellers' Market took hold during 2014 with sales increasing 8 percent in December vs. Dec 2013, although down 15.9% vs. November 2014. However, it's likely that much of this decline was attributed to the ongoing shortage of inventory. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014!

As I expected, the entry level and investment market remained strong as savvy investors were actively taking advantage of the reasonable prices, low interest rates and strong rental demand. First-time and move-up buyers found some good opportunities although many faced bidding wars for properties, especially houses.

House prices jumped on average 8 per cent during the year, and much more in some areas. The luxury condo market, after pausing in 2013, rebounded on growing demand from International Buyers…a trend that's likely to continue.
(market stats for your area-see link below)

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Many 2015 property tax assessments see values rise sharply!

Call me to find out how this reflects on the Actual Market Value of your property.

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

All the best for 2015.

Wayne

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

All information is approximate

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