Vancouver Real Estate Market Keeping me Busy

November 2nd, 2009 Categories: Real Estate News, Vancouver Real Estate

October was a busy month in Vancouver Real Estate and I’ve been working seven days a week and too busy to blog!

Three of my listings sold and I had one transaction as a buyer agent. In addition I received four other offers. One was accepted but the buyer changed their mind, the second one just got accepted and the other two are still under negotiation. I’ve observed an increase in verbal offers - a method of negotiating i dont partake in. On average it takes about 30 showings to sell a million dollar property.

So who’s buying Vancouver Real Estate? Based on my experience regarding the showings on my listings and the offers, the city is full of Mainland Chinese Buyers. They are either investors or they have immigrated here and they purchase luxury condos over $1M and west side homes. There are still quite a few first time buyers, the odd trade up buyer, a few local investors buying inexpensive condos to rent out and a smattering of investors from the US and Alberta.

Some buyers are waiting to buy after the Olympics and some sellers are waiting to sell after 2010 Olympics. CMHC and BC Central Credit Union are predicting an increase in sales for 2010 and a further rise in prices. The pent-up demand is expected to taper off in 2011.

I have noticed the waterfront prices in Coal Harbour are slowly creeping up, perhaps due to insufficient inventory. The flippers in Two Harbour Green have flipped, same with Shangri-la. Bank of Canada recently announced that interest rates would remain flat til next summer.

when you’re ready to buy vancouver real estate, contact maggie

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