The summer of 2017 draws close to an end as school starts up and the routines ensue. The summer saw an interesting real estate market with a tale of two markets.
The Westside detached house market saw a significant slowdown in sales of “higher end” detached homes. As prices continued to rise throughout the early part of 2017 buyers seemed to be hesitant to pay huge prices for detached homes. Normally this would cause a trickle down effect and cause condos and town homes to slow down, however quite the opposite occurred. Lack of affordable inventory and increased demand from local buyers continued to keep pressure on this segment of the market. The same goes for pre-sale condo and town home projects as both local and foreign buyers flocked to these opportunities.
Increasing interest rates and rising Canadian dollar may slow the real estate market down in the foreseeable future, but only time will tell how much. The fall may be a good time to consider upgrading from town homes and condos into detached homes if inventory continues to ramp up for detached houses. Hot sub markets of Vancouver continue to see strong sales for detached homes. The hottest sub areas continue to be : Kitsilano, Main, Fraser and Mount Pleasant. These areas continue to drive strong sales and increased prices as they considered the best “family oriented” neighborhoods to live in.
If you are interested in getting together to discuss your unique real estate plans, I welcome the opportunity to come to your home or place of work to sit down for a coffee and learn about your goals.
My team and I utilize our top 0.1% ranking of all greater Vancouver realtors to help our clients achieve success. This coupled with our industry leading marketing practices which include our ability to reach out to our over 5,000 client database, the leveraging of our long standing relationships with other top agents, and our outside of the box experienced thinking to provide our clients with the best service and advice available in the marketplace.