MORTGAGE Blog & ARTICLES
The High and Low of Vancouver Real Estate Market
Since the crash of the real estate market in 2008, it has been a somewhat rocky road for a real estate business in Canada, however, how rocky the road relies on your location or where you are living. The Vancouver real estate market has done relatively well to recover, just taking around 2 years to return back to the all time highs which were experienced prior to the crashing, and now normal home costs are hovering within that level. So, what is the present outlook for the Vancouver real estate market?
Real Estate Market in Vancouver
Demand and Supply: It doesn’t matter if you are arguing the real estate business or any other business; supply and demand have been normally the driving aspect behind the wealth. When there are lots of homes listed for sale, however don’t have enough buyers, the real estate market becomes inert and hence costs will drop. On the other hand, if there are lots of buyers, however, only limited number of homes for sales the costs could be inflated as result to bidding wars- if many buyers like the same property. This case sounds good for people who are selling the property, it drives up costs and could have a good impact on the real estate market.
Real Estate Market in West Vancouver
This is precisely what is occurring in the real estate market in West Vancouver during spring in the year 2011. Houses have been selling way more than the listing cost as many buyers liked to purchase the same property. This gives the average of real estate price up even higher in this exclusive town of Vancouver. However, this kind of market isn’t sustainable and must even out soon.
Real Estate Market in North Vancouver
Even if the neighboring place of North Vancouver is not seeing relatively the same highly inflated sale costs, the majority of home is enticing many homebuyers and is selling for more than asking price. North Vancouver real estate market is far steady though, with the normal costs staying closer to the 2008 all time highs costs.
The viewpoint for the Vancouver Real Estate Market
REBGV or Real Estate Board of Greater Vancouver publishes monthly facts based on the detail given by its 14, 400 members. Factors like number of listings, home sold, as well as cost of homes sold are well-thought-out, letting the board to evaluate information month on month as well as year on year.
Real Estate Board of Greater Vancouver published those facts so that people can discover what the real estate market in Vancouver doing. Statistics published in July 2011, express that the whole real estate market is balancing out. This is due to the number of sellers than buyers that takes place last few month and so costs balance out as supply and demand level off.
So what does this show for those searching to sell or buy a home at this point in time? Unless you are hoping to purchase in West Vancouver or West part of Vancouver wherein costs are rising way over the average for the place.
- Bank of Canada
- Commercial Mortgages
- Company Updates
- Financial Planning
- First Time Home Buyers
- Home Ownership
- Housing Market
- Market Watch
- Mortgage Education
- Mortgage Products
- Mortgage Rates
- New Mortgage Broker Updates
- Notable News
- Personal Finance
- Property Investments
- Real Estate
- Refinance & Renewal Mortgages