Should I Buy Now? A REALTOR’s Look at the Vancouver Real Estate Market

  • Real estate is a funny industry.

    Things are constantly changing and are often a reflection of the economy, sociological trends, demographic swings, and much more. It can be hard to keep track of all the fluctuations in real estate and what that may mean for you, which is where your realtor can help. At Team Kerr, our REALTORS® have lived through many changes in the Vancouver real estate market and have seen just about everything over the last 20 years. Homebuyers are often asking us when the best time is to buy and, while trends do tell a story, our answer will typically depend on the specific situation. That being said, the current Vancouver real estate market is worth examining.

    For the longest time, Vancouver was a seller’s market – meaning it was much more lucrative for someone to sell a home than to buy one. While things haven’t flipped to a buyer’s market just yet, home sales in Vancouver have slowed down dramatically. In fact, August 2018 marked the lowest home sales in six years – down 36.6 percent from August 2017 and 25.2 percent below the ten-year monthly average.

    It seems that the rush of missing a chance at buying the perfect home is starting to slow down, and many homebuyers are being more patient with their purchases rather than rushing into them. This could be a reflection of new housing policies instated by the federal and provincial governments or just a general trend of homebuyers becoming less willing to pay over-the-top prices for their new homes.

    The summer sales slump and the general slowing of home sales over the course of the past year has created an interesting environment for buyers. While home prices haven’t dropped a shocking amount in the last few months, we are starting to see prices decrease slightly across Vancouver. And this goes for all types of homes – from condos to duplexes to houses.

    What does that mean for you, as a potential homebuyer?

    Well, on the surface, things are edging toward your advantage and there are some great opportunities, such as moving up into a detached home. While some buyers are waiting for the prices to continue to fall before purchasing, our team all agrees that buying a home is highly situational. Don’t get too caught up with whether the Vancouver real estate market is trending up or down, as timing the market is incredibly difficult to do.

    If you find a place you like, the timing is right, and you can afford it then don’t second-guess yourself. Real estate prices will always be fluctuating and if you wait too long or get too caught up in the numbers you may lose out on dream home after dream home. Instead, be proactive! If you see a home in the real estate listings that appeals to you or your personal timing is right to start shopping around, reach out to any one of our agents at Team Kerr today. No matter what the market is doing, our family of veteran REALTORS® will always be willing and eager to help you find the perfect home! We can meet with you to discuss your needs and set you up on a home search to help you find that dream home.

    It’s better with Team Kerr on Your Side!

     

    https://www.theglobeandmail.com/real-estate/vancouver/article-vancouver-housing-market-slumps-in-summer/

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