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On Vancouver’s west side, the single family detached market is currently experiencing some price softness. Property listings on MLS have increased to 872 homes listed for sale. This time last year, there were about 600 homes listed for sale and in October 2009 there were 550 homes for sale in Vancouver’s west side. With the current pace of sales, we have an 8 month supply of inventory and this is a RARE buyer’s market. Richmond’s single family detached market is even softer with a 9 month supply but keep in mind that both these markets witnessed a stratospheric rise on the order of 20% and 25% respectfully from last fall to this past spring so this minor correction is healthy. Both North Vancouver and East Vancouver are more balanced, each having a 4 – 5 months supply of detached homes for sale and while market activity has been slower as of late, it can be either a buyers or sellers market depending on the situation and on the listing. West Vancouver is hanging on to a balanced market with a 7 month inventory supply.
GREATER VANCOUVER: Overall, the market seems to be normalizing. After 8 or 9 years of snap, crackle and pop, market activity appears to have moderated across Greater Vancouver this fall, however, just in the past few days we have already seen a dramatic increase in market activity so things can change quickly
SUPPLY / DEMAND & THE CONDO MARKET: Real estate is always changing! In Vancouver, real estate developers are very busy building in many areas of the city. Land assemblies are visibly active along Granville Street and Cambie Street. The areas all along W 2nd Ave, E 2nd Ave, behind Olympic Village and along Main Street, Fraser Street and Kingsway are going higher density. The same for East and West Broadway, new condo projects have sprung up and will continue to do so.
IT’S HARD TO GO WRONG BUYING IN KITSILANO. Even with lower sales volumes in the last 12 months, Kits condos have still increased in price by 5% on average. Kitsilano townhomes and 1/2 duplexes are up 12% since the summer of 2010. If they are up 12% in Kits, then you can bet that the same type of housing is up at least 5% and more everywhere else. In other areas, Cielo in Coal Harbour, Yaletown Park, Kings Landing on the north shore of False Creek and the Bosa built Portico buildings at 6th, 7th & Granville are all examples of condo buildings that out perform the market.
IT MAY BE TIME to trade the condo for a townhome or a single family detached home with a secondary suite to help pay the mortgage while interest rates are still low? If financial growth is your primary goal, don’t delay, own land!
