Summer 2002 Market Update – Vancouver Real Estate

July 2, 2002

Summer 2002 Market Update

Just when you thought it was safe to go on vacation… we’re back!

June saw a dip in the number of sales against both May 2002 and June 2001 and it appeared as though, after a hectic spring, things were beginning to steady off for the summer. The figures aren’t in yet for July, however the news from the frontline is that the condo market is alive and kicking.

Buyers are still being encouraged by low interest rates and also have more choice than they did earlier in the year. Many are seeing it as a great time to buy and those sellers who are willing to be realistic, are reaping the rewards. 15% increase in values over the last 9 months means “being realistic” is a very attractive option. There are pockets of the market which are better supplied than others right now, so some exciting opportunities are beginning to emerge for those considering moving up the market. For instance, entry level two bedroom condominiums in good buildings are in scarce supply, with competing offers commonplace, whereas mid range townhomes and larger apartments (the next logical step up the ladder) are more readily available.