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It appears that old saying, “what goes up, must come down” is playing true for Vancouver’s current housing market. For the past five years, the Lower Mainland has seen a very steady increase in home sales, coupled with very high selling prices. Back then a modest one-bedroom condo in Vancouver’s trendy Yaletown District would fetch an average price of around $225K. Late last year that same property could be had for close to $375K and there was no shortage of punters, either.
However, since the beginning of this year that trend has been starting to drop, and drop drastically in some areas. Many analysts say the current state of the housing market has hit a financial ceiling, others reckon the drop in prices and sales have been caused by a classic case of supply versus demand. Either way, there are more and more listings out there, thus giving potential purchasers the upper hand in negotiation.
So the transition from a seller’s market to a buyer’s market has begun. If you were waiting to make your first home purchase on the speculation that prices would eventually fall, well it seems that time has come. I doubt we’ll see those same prices we did five years ago, but don’t be surprised if they come close. Click the links below to read more about the current situation of Vancouver’s housing market:
http://www.canada.com/vancouversun/news/story.html?id=5a5dea96-a694-47c4-a1f3-b10afff6935a
http://www.canada.com/vancouversun/news/business/story.html?id=e6e0c211-fddd-413b-9a94-3564e20567d8
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