The Canadian Real Estate Association just released their 2013 statistics which are all over positive for the first time since the bubble burst - on average across Canada prices increased by 4%. Remember, this is an average. If you live in west side Vancouver, this statistic will hold - if you live in our TriCities, the statistic doesn't reflect in our sale prices. However, our detached market is presently strong with low inventory & showing some surprising multiple offers. If the inventory didn't increase with the Spring, then this would force prices up - but, if our ringing phone is any indication, inventory will increase and stabilise the market. Price and presentation still the keys. Even if a home is priced below market,, it's still a tough sell if there is poor maintenace and no updates. Townhomes are selling again after a sluggish year last year - but the prices have to be really sharp and the condition first class. Our condo market is still down - way too many on the market - resales and new builds. This will take some time to bounce back - it's the perfect lesson in supply and demand. Again - if a condo presents beautifully with great finish, it will appeal more strongly to the ready, willing and able buyers.
Last year all the norms went out of the window - Spring was slow, then come summer we were run off our feet - buyers actually buying and sellers selling. Pretty much, the mementum kept up and the market just trucked on til now. We are mighty curious to see what the Spring brings. Our prediction is that our detached market will continue to be active, and that, if the indications of large inventory are correct, prices will hold and the market will stabilise. Our condo market, specially older buildings , will continue to slide with massive competition from new buildings and the costs of preparing their deficiency reports. A great time to buy for first time home buyers before the interest rates rise and while prices are down.
Thanks to all of you who made our year 2013 so momentous - we enjoyed every minute. Watch out for our new client loyalty program - coming to you soon from a real estate team near you. Call/email us with your questions and comments!
Till next week, we have you covered!