Vancouver real estate sales rise – but it’s a much different market than before the correction

There is no doubt after three months of increasing sales that Vancouver's real estate market is coming back to life. Low prices and interest rates are bringing buyers back into the market. What is noticeably different in this current market as opposed to the market before the correction last year is the type of buyer.

Today the predominant buyers are young people who didn't lose much in mutual funds or property values, unlike the pre-dominant buyer of the past "the baby boomer".  REBGV statistics show 444 condominiums sales downtown in the past four months in buildings less than 10 years of age. Of those sales two thirds sold for less than $350,000.

 Many baby boomer's were hit hard by the recession as they watched their stock portfolio's and property investments devalue, and a result have changed their buying habits. They are still buying but searching much harder for a bargain.

For more information on Vancouver real estate market conditions visit Vancouver Realltor Dean Wegman's website at www.deanwegman.com

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