Fraser Valley and Vancouver Real Estate Market
We Canadians love to talk about the weather and this summer certainly has had its share of talking points.
The devastating floods of Alberta as a low and the beautiful sunny days on the West Coast as a high were the fore front of most conversations.
The real estate market was also a topic of hot discussion with most of the major cities in Western Canada experiencing an increase in the volume of sales. The Vancouver and Fraser Valley market both saw increased sales volume. In fact, Vancouver’s volume was up 40% from July 2012 and Fraser Valley was up 5%, which was the 6th best July since 2004. The Detached market was by far the strongest part of the market. Lower inventory levels and similar or increased volume in sales made for a steady balanced market in most of the Lower Mainland areas. The townhome market was finding its groove and setting itself up for a stronger fall; however, the Condo market wilted with the summer heat, high inventory levels and low sales volume made for a continued strong buyers’ market, perfect for first time.
The fall market is setting up to be considerably better than last fall. Is this the time to be buying or selling? If you would like to discuss the market in more detail, please call me or better yet, lets meet for a coffee, it’s on me!
