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 listed at market value and are in turn-key condition, they are still selling relatively quickly. Current buyers are serious ones but they, along with their Realtors®, are cautious. Given that there is more time prior to making an offer, they are also better educated.
Sellers: be realistic about your asking price. Buyers: even though the real estate market is slower, it's still important to understand what a home's actual value is. Researching comparable (sold) properties is a must, so please consult your Realtor® before making an offer.
Stats are provided by the Real Estate Board of Greater Vancouver; feel free to view the complete REBGV Stats Package for July, 2012 on their website.