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Vancouver Real Estate Market – Too Hot to Handle!

July 13, 2009

Filed under: Real Estate Market,Vancouver — Richard Morrison @ 10:10 pm
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Hello all!

Richard Morrison and team here. We just thought we would update you on our very hot vancouver real estate market.

Did you know that the vancouver real estate market has completely turned around in the past 2 months, and now is in the midst of a boom market condition?

During our client meetings we always referred to the vancouver real estate market as having changed, that is was not dead, and that 2009 was showing signs of recovery. The Fall of 2008 was one of the most depressed and inactive markets in decades but, since that time, our market has experienced the most remarkable turnaround we have ever seen in our combined experience of over 40 years!

vancouver now is actually seeing a classic Seller’s market conditions! As of the end of May 2009, the number of properties for sale now are extremely low – we have just over 3 months of supply of listings – and we are seeing multiple offers, with sale prices in excess of list price.

For Sellers whose properties were on the market in earlier months, and who were disappointed at the lack of satisfactory results, today’s market offers a great opportunity to sell their property.

For Buyers who did not wish to buy right away or at the low point of the market, are now rushing to ‘catch’ the market before it slips away! Some of our own clients have actually paid $30,000 more on some listings because they waited too long and now had to purchase at a higher price point.

Why Is The vancouver real estate Market Hot Again?

It isn’t just in vancouver, but Calgary, Edmonton, Toronto – all report dramatic increases in sales. We also hear that London is coming back and this excerpt from New Zealand’s Bernard Hickey tells of similar happenings there: “real estate agents report multiple offers on properties and contested auctions. Buyers are worried they might miss out and sellers are worried they might not sell high enough. House sellers are being ‘mojo’ back. Listings are in short supply.”

This comeback is seemingly everywhere – in the middle of the “deepest recession?” Ahem…
One explanation is that with the printing of money, by means of Government bailouts, we are seeing inflationary pressures (which tend to rise the price of hard assets). There are many local factors in the vancouver real estate market that also are leading to increased demand.

The Numbers (Sales volume):
Burnaby up 109.7 per cent (151 units sold from 72)
coquitlam up 122.2 per cent (160 units sold from 72)
Delta – South up 107.7 per cent (56 units sold from 27)
Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)
New Westminster up 104.8 per cent (43 units sold from 21)
North vancouver up 96.2 per cent (153 units sold from 78)
Port Moody/ Belcarra up 120 per cent (33 units sold from 15)
richmond up 77.4 per cent (204 units sold from 115)
Squamish up 107.7 per cent (27 units sold from 13)
Sunshine Coast up 33.9 per cent (75 units sold from 56)
vancouver East up 71.2 per cent (238 units sold from 139)
vancouver West up 85.2 per cent (200 units sold from 108)
West vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Take Action TODAY!
We have over 40 years of combined market experience, and have helped many, many clients maximize their returns from real estate, and assisted them along their path to wealth and prosperity.

Contact us TODAY whether you are looking to buy or to sell: Call 604-767-3703 or simply email us. We are looking forward to being part of your success in 2009! Let’s get started.

Kind Regards,
The Richard Morrison Team.

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