Is the Vancouver Real Estate Market Cooling?

  • Is the Vancouver Real Estate Market cooling? Realtor, Doug Gibson gives us the rundown on the recent Vancouver Sun article suggesting this, and what it means in the bigger context.

    Have you recently heard that the Vancouver Real Estate Market is cooling?

    Perhaps you saw the Vancouver Sun headline on May 16, 2016, “Drop in Vancouver-area home sales suggests owners spooked”

    The article continues with “Home sales in the Vancouver region appear to have “topped off” in April, despite a record-breaking month in real estate nationwide, according to the Canadian Real Estate Association”.

    As Doug points out, this may make it appear that the market is cooling, but it’s not when you look at the context of the numbers.

    What do the Real Estate Board of Greater Vancouver numbers really say?

    March had 5,173 sales which is the highest for any month ever recorded by the Real Estate Board of Greater Vancouver. April had 4,781 sales, which is indeed less than March, but still ranks for the highest number of sales for any April on record.

    Doug concludes: “It really drives me crazy because they’re incomplete stories. They are cherry picking numbers just to create hype.”

    For Vancouver real estate information, call Team Kerr at 604-880-4588

    Photo courtesy of Omer Wazir

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