Vancouver will always be a premier destination for many people all over the country and the world, and its homes will always be in-demand among buyers. Despite reports that the city might be moving toward a “seller’s market,” however, a June 12 article on Business in Vancouver discusses a rather interesting statistic:
“Home prices in Vancouver dipped 0.03% in May compared with April, according to the Teranet-National Bank National Composite House Price Index released June 12.
This is the first decrease after 12 consecutive monthly increases.
“The countrywide composite index rose to an all-time high, but only three of the 11 metropolitan markets surveyed did the same.”
Year-over-year, home prices in Vancouver grew 8.15% and across Canada by 4.58%.
As far as the prices of new homes only, Statistics Canada released its New Housing Price Index on the same day. This data showed that Vancouver has once again had Canada’s biggest decrease in new home prices in the twelve months to April, Statistics Canada announced in its New Housing Price Index, also released June 12.”
The article also states that the prices of new homes in the city dropped by 1.5% compared with rates in the same period last year. Buyers, who want to make sure that the price tags attached to different homes for sale in Vancouver are reasonable, should consult a real estate company like Vancouver Canada Homes to help them sift through various listings.
The housing market expansion is based on different factors. The buying demographics, for instance, influence the prices of certain properties, as people want to live in ideal surroundings and some houses would be more appealing to a greater number than others. Moreover, the economy may also dictate the rise and fall of real estate prices.
Buyers who want to make the most out of their property investment should keep these factors in mind while sifting through their options. What are considered great homes for sale in Vancouver will likely include perks and added amenities, which would jack up the price. Meanwhile, houses that are not really exceptional when it comes to features may still command high attention due to their affordability, tasteful design, and proximity to popular entertainment areas.
To make the right decision, home buyers should solicit the help of a reliable real estate company like Vancouver Canada Homes, which has skilled Realtors who could match buyers and properties regardless of the housing market status.
(Source: Home prices drop in Vancouver, Business in Vancouver, June 12, 2014)