Media experts have grabbed a few keywords from the monthly Press Release and, as usual, made vast generalizations after the REBGV officially declared a buyers market in July that the number of residential property sales hit a 10-year low in Greater Vancouver for June.
Considering the all time records have been eclipsed twice in the last five years, we have to put things into perspective. There has been nothing average about Vancouver real estate in the past ten years. Since 2002 it has been straight up aside from the brief waiting game in 2008, and then, whoa Nelly it went even higher by March 2011.
Now things have gone back to a normal pace, which is a healthy thing.
Let's get a grip here Chicken Little, the sky is not falling. Do not stick your head in the sand. Since day one, Vancouver has always been its own little microcosm and despite the naysayers, real estate values in Vancouver have consistently gone up decade after decade. Find a tenant whose rent has gone down? Perhaps a generous landlord somewhere? Land is scarce and demand continues to outstrip supply. Like it or not, we are not getting any smaller.
How does this all affect me you ask? It's all relative my dear Watson. Have a really close look at your area. Ask an expert like us for relevant facts. We have a true feel for the market and we can show you how to benefit from current market conditions.