Vancouver real estate market leads national housing recovery

Increased consumer confidence, pent up demand, and low interest rates have resulted in a real estate market recovery in major cities across Canada. Leading the way is Vancouver with sales in June totalling 4,259, an increase of 75.6 percent from the same time last year, followed by Toronto and then Regina with an increase of 27 and 15.8 percent.

In many areas of Vancouver, like Kitsilano, Downtown, the West End, False Creek, and Vancouver's East side homes are selling within a very short time period and are receiving multiple offers. According to a report published on July 13th, 2009 by Re/Max an estimated 50 percent of Kitsilano homes are selling in multiple offer situations.  

Interest rates with major banks have come up slightly in the past month as they look to take advantage of the increased buyer activity, but demand from home buyers is still strong.

Many Realtors, including myself, believe the worst is now definitely behind us and a complete housing recovery well underway.

Contact Dean Wegman of Royal LePage Westside by clicking here for more information on buying or selling a home in Vancouver.

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