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
Sept. 7, 2011 - PRLog -- VANCOUVER, BRITISH COLUMBIA. Vancouver is a city well-known for being a great place to live. In fact, it received the “World’s Most Livable City” award (by The Economist) several times in a row. Vancouver is also known for its sky-high real estate prices, although these don’t seem to discourage foreign (mostly mainland Chinese) investors from buying Vancouver properties. This kind of development in the real estate market is largely supported by real estate prices rising by 6 per cent annually on average in the long run, which makes investing in Vancouver real estate very popular.

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.

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Vancouver Homes by Jay Banks. Latest news from Vancouver housing market, Vancouver condos and lofts information.
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