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.
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. email@example.com | Call/ Text: 604.782.7545
Have a great SUMMER!