Greater Vancouver Real Estate News

As we've been saying over the last few months, we've been expecting the market to shift from a buyer's market to a seller's market. The statistics are now showing this trend, and we're seeing multiple offers return to the marketplace. In fact, this year, we've sold all our listings in multiple offer situations, achieving excellent sale prices for our seller clients. Below is a great article by the Dexter Realty Chief Economist.

You've probably heard the expression, "The early-bird gets the worm." It refers, of course, to those who get in early and reap the rewards. For example, if you arrive early to a retail store for a big blowout sale, you're likely to get the deals before the inventory runs out. The stragglers who come later miss out.

Vancouver Cycling Routes

Did you know that Vancouver, BC has an extensive network of cycling routes? Whether you'd like to bike in the River District along the Fraser River, or head to Kitsilano or Downtown, there are a wide variety of biking routes available.

Some bike paths are designated specifically for cyclists and have a protective barrier to keep you safely away from cars.  For example, many downtown streets, including Burrard Bridge, Carrall Street, Comox/Helmcken Street, Dunsmuir Street, Dunsmuir Viaduct, and Hornby Street, have protected bike lanes.

Others are bike paths along Vancouver's streets with either  an unprotected lane or a shared lane.

We’re experiencing a shift away from a buyer’s market. As we've expected, this is occurring for all residential property types at the lower price points or for desirable well priced condos, townhouses and houses. This shift is evidenced by the extremely busy open houses, some instances of multiple offer situations and even some properties selling over asking. 

Many parents are helping their children buy their first home by providing money for their mortgage downpayment. If you are also thinking of helping your kids with their home purchase, you may want to consider the Family Equity Plan instead of gifting your cash directly to your children.

Typically, the Vancouver real estate market experiences a balanced or seller’s market conditions. However, as you’ve probably heard, it’s now a buyer’s market. Historically, these shifts in the market last 6-12 months. The market conditions for strata properties started to change in the summer of 2018 (for detached, it was the summer of 2017). So, if you’re thinking of buying, now is the time to take action.