Robert Valeriote 604.880.1300

Newsletter E-market update

May 26, 2019

May 2019 Newsletter

Vancouver real estate market update

 

There is definitely a media frenzy surrounding the Vancouver real estate market. Thirty year lows, prices falling, foreign buyers tax, speculation tax, empty home tax, school tax, mortgage stress test, money laundering, casinos and more! When the media gathers all the general statistics that cover all housing types from Lions Bay to Abbotsford, they typically default to a negative story. However, our real estate market is made up of so many different segments. For example, the high-end luxury home market has seen sales drop. This in turn skews the numbers when you combine it with all other market segments. Luxury detached home sales and prices in West Vancouver have very little to do with condo sales and prices downtown. But when the numbers are combined a negative picture is painted. I suggest it is better to look at each market individually and you will find there are some markets doing quite well with sales numbers higher than a year ago.

 

 With detached home prices readjusting to the new market conditions there is more sales activity in the $1.5M-$3M range on the Westside and the Eastside of Vancouver. Buyers are very price sensitive right now, but well priced listings are getting multiple offers once again. While the listing inventory is up, buyers are not writing offers if they feel the list price is high. There is also more activity in specific areas of the Westside and Eastside townhome and condo market priced below $2M. More buyers are attending open houses and I expect the sales numbers will be higher in May and June than the previous months. Buyers can take their time right now, as they don’t feel that prices will rise in the immediate future. Just keep in mind that real estate is a long term game and if you are thinking of making a move, now may be as good a time as any.

 

Please feel free to call me if you have any questions about the market. Always happy to discuss real estate with you.
 

I offer:

  • Over 20 years of experience in your market area.
  • Professional and honest expertise.
  • A full service and extensive marketing plan to maximize the sale price of your home.

Robert Valeriote
when it is time to sell…call me first!!!

Robert Valeriote, Vancouver Condo

View the current Vancouver Condo Real Estate Listings

 

This communication is not intended to cause or induce a breach of any existing agency agreement.


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