Taking a look at the November statistics will lead us to think that we’re in a buyer’s market, with a slight over supply. Recognizing the statistics capture all of the Real Estate Board geographies, if we drill down to the Vancouver market, we’ll quickly realize that although properties with higher prices are lingering around, those properties that are well priced, well located, and/or exhibit special characteristics are selling at a healthy rate. This, combined with some sellers deciding to take their properties off the market over the holiday period, is creating some pent-up demand and points to what is widely anticipated to be a strong spring market.
The Bank of Canada held their overnight rate steady at 1%, however there is an expectation that moving into the new year, as Europe continues to manage their economic woes, and the USA prepares for a national election, the interest rates may come down a bit, potentially providing the impetus for buyers to enter the market. I wouldn’t be surprised to see some upward pressure on pricing as buyers consume any excess supply after the holidays.
If you or someone you know is contemplating entering the market as a buyer or seller, call today. The best outcome is determined not by luck, but by well executed planning, I’ll be honoured to help.