Robust, sturdy, growing: these are just a few words that are usually used to describe your Vancouver condo industry. As much of the United States and in some cases parts of Canada encountered dramatic declines in housing sales and costs, the Richmond realtor continued to grow despite fiscal uncertainty. Some industry experts point to the interest connected with foreign investment, or perhaps the standard of living in Vancouver, and even the climate (even with all the rain) as reasons why the market inside Vancouver remained sturdy. Nevertheless, the condo along with townhouse market inside Vancouver has been subject to more controversy in the last several months, with some recommending that the market might be heading for a turmoil.
Since the recession that began in late 2008, Vancouver real estate has been heralded as among the strongest markets in North America. Even though homes prices dropped to some extent at the end of 2008 and starting point of 2009, the market rebounded rapidly and it was not well before record prices had been being set once again. Add to that historically minimal mortgage rates and it?s not easy to imagine that real estate with Vancouver is went for troubled waters.
However, since the finish of the Olympics throughout 2010, speculation about the health of the market is becoming more negative. Generally, experts are keeping away from describing the condo/townhouse market in Vancouver like a bubble on the verge of burst. Prices have increased slowly over the past couple of years plus a catastrophic decline most likely. Still, there is an exorbitant number of unoccupied condominiums in Vancouver presently, mostly because of the stock available in the Olympic Village. Even though a sudden correction is unlikely because of low interest and rising condo prices, we may observe some deflation of what numerous experts are discussing as Vancouver?s ?balloon? real estate market. Thus while a rush is unlikely, minor diminishes in prices, lowers in sales involving high-end properties, and an above usual unoccupied catalog may mean savings for some buyers.
Why don?t we be clear in relation to something though, your 2012 outlook for the VRichmond houses is nevertheless strong. Our economy is growing and rates remain low generating the market stable for your foreseeable future. Fortunately, potential buyers are seeing a somewhat more flexibility in the market and as such they are finding more cost-effective options for condos close to Vancouver. There is little problem that the market features cooled in the last year, but with plenty of unusual interest and an improving economy any marketplace corrections are likely to be minimal.
So what does this mean for players within the condo market? To begin with for sellers, they could expect it to look at a little longer to get a fair offer on their residence. Sales continue to be strong throughout Vancouver, however because of the available inventory, buyers are taking longer to make a decision as they take into account more options. And then for buyers, while they really should still expect residence prices in Vancouver to remain above the countrywide average, they at this time benefit from more selections.
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Source: http://www.freedownloadsfiles.com/uncategorized/the-vancouver-condominium-market.html
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