One more for 2014...
This will be the last market update for 2014. I'll send a yearly update in the New Year but there won't be much more to say than what is in this update.
For the past 2 years we've had a strong market. There are more buyers active in the market place and we've seen gradual and consistent rise in home prices. Going back 2 1/2 years to May of 2012 home prices peaked, the market then slowed and prices fell the rest of the year. In January of 2013 activity picked back up and prices started to climb as the market grew stronger. In June of this year prices surpassed the peak in 2012. The largest jump in prices has come to the single family housing market. That is basically a function of supply and demand.
What's going to happen in 2015?
British Columbia Real Estate Association, Canadian Mortgage and Housing Corp. & Centra 1 Credit Union agree that our market will stay steady moving forward. All of these institutions are predicting minimal fluctuation in sales and prices. Mortgage rates will stay low but we can expect slight increases. 30,000 - 35,000 new residents are expected to come to Metro Vancouver next so this will certainly contribute to market demand.
I'm in town for the rest of the year so if you're planning on buying or selling a property please let me know. I'd be happy to have a chat so we can hit the ground running in 2015!
HERE'S TO A GREAT HOLIDAY SEASON AND A VERY HAPPY NEW YEAR! CHEERS!