Here is what’s currently happening to the real estate industry of the region:
Real estate in Vancouver, BC is leaning to the buyer’s market. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of apartment listings remain lowest for the last 10 years. Since June, the average pricing for all residential properties has decreased to 0.5 percent. Although prices for detached and attached apartments increased to 5% from last year, total sales remains low as compared to the number of apartments still open for sale.
This year, new listings for September summed to 5,680 -the third highest in 17 years. REBGV president, Rosario Setticassi mentioned that the greater the competition among home sellers in the market, the better options buyers have.
Why is it the best time for buyers to take advantage of the situation?
- More properties are available for sale & more suitable locations to choose from.
- Prices will get lower as more sellers compete with the few buyers.
- Features and amenities will be added to the property package to make it more appealing.
- Bargaining is more welcome, as long as one bargains fairly.