Vancouver real estate; listings up, sales down

by mtippett | July 3, 2008 at 01:41 pm | 460 views | 2 comments

Tippett's office during Web 2.0, Vancouver

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The number of apartments and homes listed for sale in Vancouver is skyrocketing while the number of sales is down dramatically. With these fundamentals it is likely only a matter of time before prices start dropping.

The Spring selling season has come to an end, and it appears a dramatic change in our local real estate climate has occurred. No longer a sellers market, the terms "balanced market" and "buyers market" are now common place among home buyers and sellers. Now more than ever when selling a home it is important to be competitively priced amongst the competition and market your home from a variety of different angles.

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dambridge

at 16:35 on July 3rd, 2008

The good news is that quality properties are still maintaining their value. But with a much higher selection on the market, the bidding wars have likely become a thing of the past -- at least the completely ridiculous ones where a house would sell for 30% over list in 6 hours of negotiating.

More and more condo developers are going bust too, as their costs rise during construction. My lessons that have served me well:

Never buy a hole in the ground or something that doesn't exist yet
Classic: buy the crappiest house in the best neighborhood, and you'll always come out ahead
Shop your mortgage around
Do NOT let the bank convince you to take on a mortgage that makes you house poor (this one is far more frightening, as we all know from south of the border)

Barry Artiste

at 21:51 on July 3rd, 2008

good stuff:

mtippett, I like this story. It's good stuff. What's that I hear? Why it sounds like the neigbourhood taking a dump . Why anyone would pay $800,000 for a 2 bedroom 1200 square foot apartment,certainly are true to "a fool and his money are soon parted"