Click to play the video or read below for your Vancouver Real Estate Market Update for October 2014. Your comments and questions are welcome.
September was a very busy month for home buyers in Vancouver. In fact, sales were 17% higher than this time last year. The sales to active listing ratio is 19.7%
Since 2013 home prices have steadily increased 7.7%. These increases have been led by the detached housing market. Detached housing market has increased twice as fast as condos.
Now, why is that? The simple answer is supply.
Back in 2009/2010 developers started building more condos in Vancouver and they came to market in 2011/2012 and inventory has been increasing since then. In some places, areas or neighbourhoods the supply of condos exceeds the demand and therefore prices have held steady.
The detached housing market has not experienced an increase in supply and therefore prices are steadily increasing.
Every neighbourhood is different and whether you are buying or selling a condo or a home it is very different.
If you would like some advice on where your home fits in the Vancouver market, or if you are looking to buy a condo, I would be happy to share the ins and outs of different neighbourhoods and their price points.
Give me a call at 604-240-1879 or send me an email.