Over the past year and a half, the BC Real Estate market has had a very minimal variance. The real estate market in Vancouver, Burnaby, Richmond and Surrey has remained hot whilst the market in the interior and the island has remained somewhat soft.
The B.C. real estate market may finally have reached the equilibrium investors and others have long hoped for, with Multiple Listing sales in November falling only marginally from the previous year and price growth restricting itself to a 1 per cent gain.
Let’s take a look at the property values of single family home districts in Vacouver and around:
Low interest rates are definitely helping the market to remain steady. If it were not for low interest rates the market would have definitely tipped. The buyers remain interested in properties because low interest rates provide the affordability.
Looking into the future I believe that the market will stay steady especially because the Bank of Canada has promised to keep the interest rates low for the next year. The residential attached market (condos and town homes) in the lower mainland are definitely not going to be as hot as residential detached homes. The influx of Chinese money has sustained the price point and in fact has been a catalyst for the boom over the last 3 years or so.
Let’s look at the 2012 Canadian Real Estate Market Outlook:
Over the last year while listing and selling hundreds of properties, I have come to one major conclusion and that is nothing but just 2 major things that sell a property: namely price and the commission offered to the buyer’s agent.
That’s where One Flat Fee can help you save thousands of dollars in commission. Contact us for more information: (604) 725-1000