Good news for potential home buyers or sellers in British Columbia, the state of the Vancouver real estate market seems to be attaining balance, according to the Real Estate Board of Greater Vancouver:
“The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service (MLS) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.
Last month’s sales were 7.2 per cent above the 10-year sales average for the month.
The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices, Sandra Wyant, REBGV president said.”
What It Means
What exactly does a balanced real estate mean? Essentially, this is where the supply of housing available (put up by sellers through listing or through Realtors) is in proportion with the number of buyers that demand for new homes. They should be neutral in that one never significantly overlaps the other, thus preventing the risk of either surplus inventory or undersupply.
In this type of market, both the buyer and the seller can come up a winner. The seller doesn’t have to worry about his home not selling because demand exists; simultaneously, the buyer too, doesn’t have a lot of competitors in a market that has enough supply to keep up with the demand.
So what does this bode for you? Simple: the Vancouver, BC real estate market being in a stable state, there’s no better time to jump into the fray, look for the home of your dreams, and buy it. You can also get more information about the current flow of the market from companies like Vancouver Canada Homes.
(Source: Steady trends continue in the Greater Vancouver housing market, Real Estate Board of Greater Vancouver, February 4, 2014)