Vancouver Real Estate Year in Review

Reports about Vancouver Real Estate in recent years have been less than favorable, but this year’s year-end report is promising. Data coming back from both government and real estate figures shows a different story for Vancouver than the rest of the country.
Over the past year Vancouver has experienced historical averages in both the listing and selling of homes. While the first quarter of this year saw a slight decrease in the price of sale listings it also was blessed with a greater number of sales. Coming out of 2012 the numbers seemed dismal, and even the smallest increase in sales was something to rejoice over. It seemed as though buyers were simply waiting for a price reduction across the board for bungalow, two-story homes, and condos. Their wish was granted and so began what many real estate gurus saw as a recovery from 2012.
While the first quarter of 2013 saw a near 5.0 percent solid drop across the board in home prices, the second quarter of this year saw only a slight decrease of an average of 3.0 percent. The economic and political climate in Canada influenced the price reduction in the Vancouver market. Mortgage and lending rules tightened making it hard for first time buyers and investors to make purchases, and immigration policies stopped many overseas buyers from investing their time and energy to move. Predictions for the rest of the year were made and the assumption was that the number of homes trading hands would increase along with the continuation of soft prices.
The third quarter of 2013 in Vancouver was by far the most profitable. According to Royal LePage, home prices increased by 5.6 percent from 2012. Prices for bungalows, condos, and two-story homes rose sharply and helped buyer’s gain some confidence in the market. Individuals who sat back and waited for home prices to dramatically drop had their wishes granted and now have begun to re-enter the market and are purchasing homes more than they have in two years.
The trend for 2014 has been predicted to continue to blossom under the sharp decrease in home prices Vancouver experienced in 2012. The predication states that buyers will continue to flow to Vancouver with pockets full of money willing to purchase the best homes available. This will encourage home owners to put their properties back on the market and will provide Vancouver with tangible growth through the second quarter of next year.

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