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Moderate Slowdown in Vancouver Real Estate is a Good Sign
Leading Vancouver Realtor Jay Banks says moderate slowdown is good for the housing market.
By: Jay Banks
The Vancouver real estate market showed signs of a slight downturn in 2010, and it began to recover in the first half of 2011, but then began slowing down again slightly in the beginning of summer, 2011. The number of sales in the Greater Vancouver Area was below the ten-year monthly averages in May, June, and July. Moderating sales brought more balance into the market as a slowdown in buyer activity and above-average listings activity resulted in more favourable condition for buyers.
Top Vancouver Realtor Jay Banks explains:
"A strong seller’s market puts too much pressure on prices even in relatively affordable neighbourhoods and this could result in growing fears that Vancouver is in a real estate bubble ready to burst. The recent moderate slowdown is a good sign, as a slight correction in prices points to a healthy market, which bares no signs of a future major downturn."
In conclusion, Jay Banks adds that “now is as good a time as any to buy a Vancouver house or condo, because real estate in the Greater Vancouver Area grows at a clearly sustainable pace.” He further advises, “When considering buying or selling in Vancouver, be sure to familiarize yourself with the differences in the real estate market conditions of various Vancouver neighbourhoods.”
Jay Banks provides the public with Vancouver real estate news and analysis and writes about life in Vancouver on his website. http://jaybanks.ca/
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