Real estate rates in Greater Vancouver may have fallen year-over-year, but finally, there are many great signs for the market recovery. More buyers are hunting houses while there may be lesser houses in the market, as per the recent Royal LePage Market Survey Forecast. They stated that they have comparatively more people willing to buy homes in the market. They now have a substantially reduced supply to choose from, so it's just shifting the landscape of the business out there currently.
It is also noticeable that many have begun to see a relatively solid level of falling prices. In some situations, just within the last two months, they have also started to witness some house prices rising. Many experts claim that's a feature of the overall market supply and demand. They also state that the market is around half the inventory now, with many more customers in the market attempting to make a deal and buy some property. This shift is leading towards the market equilibrium favoring both buyers and sellers for good. This is why it's important to have an experienced Vancouver realtor.
What Experts Say
The experts also suggest that the prices are going up to level the market imbalance, if not going too high. It means that this a positive change in the Vancouver real estate market. The sales-to-list ratios that are, the percentage of purchases to the percentage of listings, have now really started increasing in the market. Once those figures start to rise, there will be a more balanced market, where it doesn't favor a buyer or a seller, but it is in the middle at an equilibrium. The market is now beginning to get into the position where, in many cases, it's pretty strong on the seller market.
Most of the information and statistics are market-specific, including condo rates in some cities being steady. It only depends on your location, or where you are. The kind of condominium you are in is the core part of its prices. For example, areas like the lower Mainland that include Coquitlam and Burnaby still have the same prices as a year ago. So the prices there are very steady for good. When we talk about Vancouver, the prices are comparatively 4% down there. Learn from a 35 year experienced Vancouver realtor, we can help.