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Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Vancouver Housing Market Update

Current Vancouver Real Estate Market situation is: the total number of new listings and active listings are continue to increase, while sales is decreasing. I expected that the housing price is going down in a few months if not sooner.

MLS board May stats show that residential property sales in Greater Vancouver reached 2,853 on MLS. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011. On the contrary, new listings and active listings are increased by 16.8% comparing to May 2011. In such real estate market situation, home sellers will most probably want to lower their listing price; while most home buyers would most likely to wait and hold. Therefore it pushed sales volume even lower.

Stats also shows that sales-to-active-listing ratio sits at 16%. The ratio in some areas could be as low as 10%. Those areas such as West Vancouver, White Rock, Vancouver westside and Richmond, used to be the most targeted areas for real estate investment by Chinese buyers. Interestingly, the ratio in some other areas could be as high as 30%. Local housing demand is the main force in those areas i.e. North Vancouver, Coquitlam. Therefore the real estate sales there are still pretty good. I expect that there will be less speculative buy or real estate investment by Chinese buyers. Local sales and self living real estate buying needs will continue to be strong.

You may want to know how Vancouver housing price has been impacted? Stats shows that the listing price hasn’t been impacted much by such slow market. The average single house price was increased by 5.1% in Greater Vancouver Area. For example, average housing price was increased by 7% in Vancouver (including Vancouver Westside and Eastside). Stats tell us that in the past year, new single house price was increased by 5.1%, new condo price was increased by 1.7%, new townhouse price was increased by 0.9%. Although housing price hasn’t been impacted so far, I expect it would most pobably go down in a few months.

I have the following suggestions for home sellers and home buyers in current market:

For home sellers or home owners:

Don’t panic. Reasonable pricing will help you sell home property quickly. You got to pay attention to every offer, especially the first offer you got right after you list your home on MLS. Because the first one could be the best buyer and he could have been watching for home properties in your area for a while and is very ready to buy. If your listing stays on the market for quite a while, most buyers would tend to give a much lower offer, which would not be good for you.

For home buyers:

Take time looking for your dream home. If you spot your dream home, you still got to act quick, especially if you purchase for self living. You want to give a reasonable offer, otherwise sellers would question how serious you want to buy that property, which could cause some troubles down the road.

Although Vancouver real estate buying and selling market is slow, there are still multiple offers happened from time to time. I believe that you can sell home property quickly as long as the price is right. If you want to buy home or sell home in Vancouver, please feel free to contact us.