Vancouver Real Estate Market – Too Hot to Handle!

Hello all!

Richard Morrison here. We just thought we would update you on our very hot vancouver real estate market.

Did you know that the vancouver real estate market has completely turned around in the past 2 months, and now is in the midst of a boom market condition?

real estate market

During our client meetings we always referred to the vancouver real estate market as having changed, that is was not dead, and that 2009 was showing signs of recovery. The Fall of 2008 was one of the most depressed and inactive markets in decades but, since that time, our market has experienced the most remarkable turnaround we have ever seen in our combined experience of over 40 years!

vancouver now is actually seeing a classic Seller’s market conditions! As of the end of May 2009, the number of properties for sale now are extremely low – we have just over 3 months of supply of listings – and we are seeing multiple offers, with sale prices in excess of list price.

LOOK AT MY  Vancouver investment property STRATEGY HERE.

For Sellers whose properties were on the market in earlier months, and who were disappointed at the lack of satisfactory results, today’s market offers a great opportunity to sell their property.

For Buyers who did not wish to buy right away or at the low point of the market, are now rushing to ‘catch’ the market before it slips away! Some of our own clients have actually paid $30,000 more on some listings because they waited too long and now had to purchase at a higher price point.

Why Is The vancouver Market Hot Again?

It isn’t just in vancouver, but Calgary, Edmonton, Toronto – all report dramatic increases in sales. We also hear that London is coming back and this excerpt from New Zealand’s Bernard Hickey tells of similar happenings there: “real estate agents report multiple offers on properties and contested auctions. Buyers are worried they might miss out and sellers are worried they might not sell high enough. House sellers are being ‘mojo’ back. Listings are in short supply.”

This comeback is seemingly everywhere – in the middle of the “deepest recession?” Ahem…

One explanation is that with the printing of money, by means of Government bailouts, we are seeing inflationary pressures (which tend to rise the price of hard assets). There are many local factors in the vancouver real estate market that also are leading to increased demand.

The Numbers (Sales volume)

Burnaby up 109.7 per cent (151 units sold from 72)
coquitlam up 122.2 per cent (160 units sold from 72)
Delta – South up 107.7 per cent (56 units sold from 27)
Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)
New Westminster up 104.8 per cent (43 units sold from 21)
North vancouver up 96.2 per cent (153 units sold from 78)
Port Moody/ Belcarra up 120 per cent (33 units sold from 15)
richmond up 77.4 per cent (204 units sold from 115)
Squamish up 107.7 per cent (27 units sold from 13)
Sunshine Coast up 33.9 per cent (75 units sold from 56)
vancouver East up 71.2 per cent (238 units sold from 139)
vancouver West up 85.2 per cent (200 units sold from 108)
West vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Take Action TODAY!

We have over 40 years of combined market experience, and have helped many, many clients maximize their returns from real estate, and assisted them along their path to wealth and prosperity.

LOOK AT MY  Vancouver investment property STRATEGY HERE.

Contact us TODAY whether you are looking to buy or to sell: Call 604-767-3703 or simply email us. We are looking forward to being part of your success in 2009! Let’s get started.

Kind Regards,
The Richard Morrison Team.

Update: Wow! We seem to have had a recovery!

Just on our end we had tremendous amount of sales as well – But Keep a sharp eye out there!

The red-inked headline in The vancouver Sun last week week: “Vancouver real estate Sales Soar” was not all exactly accurate (are they ever?), however it is further empirical grounds that we may see a recovery in the B.C. housing market – which is quite dependent on consumer confidence.

However, airing on the side of caution, we advise to make a sound purchase whereby you will have positive cash flowing property or, if you are a first time buyer, that you can afford! Surfing the current wave with a sharp eye out for both deals and danger.

LOOK AT MY  Vancouver investment property STRATEGY HERE.

The good news is that the average payment per month per mortgage has dropped about $800 per month. The inventory in vancouver is being taken up and this will allow asking prices to strengthen. North Vancouver homes have already witnessed a few multiple offers!

The real good news is that we have a strengthening of consumer confidence and, in conjunction with the good news from the vancouver Sun headline, there was lot of other good news last week.

– Scotiabank National real estate Trend reported a rise in housing demand & fewer listings across Canada.
– Statistics Canada reported that building permit values soared, including residential permits & multi-family
– Major banks cut mortgage rates, bringing the best five-year rate to 3.50 %
– BC employment rose by 17,000 (Canadian employment by 36,000).

Now put this in combination with good news from the Bank of Canada keeping their interest rates low for an entire year, first time home buyers can now get in the market with (ahem) an affordable price (relatively speaking).

There are excellent deals out there right now. Call us today and we will set up a very unique system for you to find that positive cashflow property or (if you are a first time buyer or a veteran) you will benefit from our knowledgeable team!

We look forward to hearing from you! Call us anytime at 604-767-703 or email us at [email protected]

Let’s get started!

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