January 2007 Market Update
Like the condo market, the last quarter of 2006 provided a welcome break from the madness of earlier in the year. However, inventory still remained tight and prices solid. There is still no underlying reason to suspect that homes in established neighbourhoods will not continue to be in high demand, with price increases for 2007 on the Westside anticipated once again. Its hard to imagine that owning any piece of land 15 minutes from Downtown Vancouver will not be a bad investment over the next 10 years. If you don’t do it for yourself do it for your grandkids!
As predicted in the last newsletter, we saw a much needed adjustment in the pace of the market. With some real choice for buyers, urgency to make a decision finally subsided, forcing sellers to either adjust their sights or sit back on the sidelines for a while.
Vancouver is a highly educated and responsive market place. In this new calmer climate, there is now every chance that prices can find a sustainable level and that the number of transactions will begin to increase again this Spring.