Vancouver real estate market sales expected to rise in next few months

Home re-sales in the Vancouver area have now declined for the second month in a row causing speculation by some as to whether we may be heading into more balanced conditions.

There were 600 fewer homes sold in Vancouver in February than January, a figure that was likely a reflection of a slowdown in activity due to the Winter Olympics.  This slowdown can be attributed to the fact that Vancouver neighbourhoods like Downtown, False Creek, and parts of Fairview were either inaccessible or difficult to park in. This made it very difficult for Realtor's to show homes to potential buyers and many people took a temporary hiatus from their home search.

Though sales have declined, prices are still rising and multiple offers on well priced properties are common. The trend of declining sales experienced in January and February is not expected to last as homebuyer's affected by recent changes in mortgage rules attempt to purchase before the April deadline.

 After April market conditions should move into more balanced territory as higher mortgage rates, prices, and the introduction of the HST begin to reduce demand.

Website designed by The Sum