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MARKET UPDATE FOR JULY 2014

GOOD NEWS, BAD NEWS...

I always like to start with the bad news so I can finish on a high note.  In this case the bad news isn't that bad, it could be worse.  

 

Here it goes... Renovating in Vancouver will become a little more complicated.  As of January 2015 the city is making additions to the building code, some good and others not so good.  Affordability is a major topic of discussion and these new codes will add to that issue.  Read the full article here, it's worth a few minutes.

The Good...

Vancouver's Real Estate market is moving along just fine!  4 months in a row there have been 3000+ sales/ month.  The last time the number of sales in a month reached 3000 was in 2011.

 

Prices:  on average, the benchmark price for detached properties, apartments and attached properties (townhouses & duplexes) has increased 4% in the last 12 months.  

 

Summer Market: the summer market usually sees a slow down but we haven't seen much of that this year.  The number of sales are right in line with those in April.  There are still a large number of people that go away in the summer but that hasn't seemed to slow the buyers or listings down.

 

Balanced Market: taking the total number of listings in Greater Vancouver and dividing that by the total number of sales last month gives us a sales ratio of 19% so we are on the cusp of a Sellers' Market (20%+).

 

Areas and neighbourhoods do differ.  For a clearer picture please contact me for a full info package pertaining to your specific area.  gfeldstein@sothebysrealty.ca | Call/ Text: 604.782.7545

 

Have a great SUMMER!

 

 

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