North Shore Realty Stats for July 2012
Posted by Kerri Demski - PREC on
Tighter mortgage insurance rules, global economic uncertainly and calls for a price correction in the Vancouver real estate market will cause some buyers to delay purchasing. The effect of weaker consumer confidence is expected to dissipate and give way to a more aggressive rebound heading into 2013. Sales are low but the number of new listings is also on a decline which is a key factor in local, stable prices. A positive sales trajectory is expected by the end of 2012 or early next year leading to annual sales gains of 7% in 2013 and 8% in 2014… lacklustre but steady.
The average number of days on market has also increased, giving buyers a bit of breathing room and very limited multiple offer situations to contend with. However, when properties are…
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We've had quite a busy this spring thus far, especially in the detached real estate market. Single family homes continue to be in high demand as you can see (below) by the number of properties selling at list price or higher. Capilano Highlands and Canyon Heights in North Vancouver, Ambleside and Dundarave in West Van, and Kitsalano in Vancouver West are among the most popular for buyers and developers alike.
This past month the sales to active listings ratio in Greater Vancouver shifted slightly to 15% which places us from the higher end of a buyers’ market into the lower end of a balanced market. This is because home sales remain steady while listing inventory takes a break for the first time this year. There were 4,374 new listings in October which is in line with the 10 year average for new listings. Currenlty, there are 15,377 properties listed for sale in Greater Vancouver, 4% lower than last month.
Sales and new listings are down for July, but they should be compared to June. On the west coast, summer has finally arrived and buyers and sellers alike are headed out to enjoy it! Contrary to some reports, the real estate sky in Vancouver it not falling. No one seems to consider an important factor which happens to also be the most difficult to predict, supply and demand.
Vancouver and the Fraser Valley are expected to trend
toward a 'sellers to balanced' market over the next 18 months while the rest of
the province will experience a 'buyers to balanced' market. Vancouver home
prices are still on the rise despite a slowdown in the first time buyer market.
Single family home sales remain the strong, keeping supply in check.
Well it’s that time of year again, and RE/MAX has released their Recreational Property Report 2011. Studying 46 markets across Canada has shown that recovering stock portfolios and large equity gains in major centres have stirred up real estate markets from coast to coast. Larger selections, greater affordability and pent up demand are creating a strong recreation property market this year, well ahead of the national average. Buyers who held off during the recession are now back in action and have been rewarded with better values and choices.