December 2001 Market Update
Can anything stop the recovery? Well, it would appear not.
Despite the tragedy and uncertainty surrounding world events, there appears to be a real underlying strength in the Vancouver housing market, which is driving sales forward and prices upward.
Interest rates are of course a huge factor. Supply and demand is the other. With less new housing starts across the region, the short term pressure on existing homes should remain high. In the longer term, if confidence returns sufficiently to encourage the developers back on mass, population growth predictions and land shortages in the central neighbourhoods should still be enough to ensure that demand outweighs supply.
The local situation is also a fair reflection of the above. More than ever there is a chronic shortage of both new and re-sale listings in the West End and Kits. Downtown and False Creek North join them for the first time in several years with a similar dearth of home available. Coal Harbour has more choice in pre-sale, but there it’s only at the higher price points. Waterfront prices look set to rival Whistler for the nation’s highest per square foot – and of this community becomes clearer.
Moving out – you’ll struggle to find a better place to put your money right now. Moving in or moving up – now’s the time!