Vancouver Real Estate Update - Friday May 11, 2018
In the Vancouver West area there were 71 price reductions in the last 7 days alone.
These were seen across all property types including studios, 1 & 2 bedroom condos, townhouses and detached homes.
If you've been looking to buy a home without having to pay over asking, or go into a multiple offer scenario, then one of these properties may be the perfect fit for you:
Is this the time to buy?
The power shift from seller to buyer has started, and some markets are considered already in 'Buyers Market' territory. While, for the most part, condo's and townhomes favour the seller, it is by a lesser margin than in the recent past. Inventory is up, sales are down and the average days on market is longer. As a buyer, this means you have more choice, more leverage and less competition when deciding which home to buy.
Is this the time to sell?
Certain areas and property types are still in high demand - while others are definitely feeling the effects of lowered interest. 1 & 2 bedroom condos under $800k continue to sell fairly quickly, but detached homes over $4m are sitting on the market much longer than last year, and see more listings added weekly. Every home, area and personal situation are unique, so please feel free to reach out with your questions. I'm happy to help advise you on the market and your options.
Here are the Brand New Listings in your area:
- New Yaletown Listings This Week
- New Downtown Listings This Week
- New Coal Harbour Listings This Week
- New West End Listings This Week
- New Kitsilano Listings This Week
- New False Creek Listings This Week
Featured Pre Sale
Surrounded by long-established neighbourhoods and on-site multi-family residential developments, Gilmore Place will offer an architecturally unique, walkable and convenient shopping experience for current and future locals alike.