Have a condo? It could give you up to 10% more buying power in the housing market!Posted on March 10, 2017
CONDOS REMAIN IN DEMAND WHILE DETACHED MARKET DROPS!
If you own a condo and have always wanted to get into the detached market, THERE HAS NEVER BEEN A BETTER TIME! Hesitation from Metro Vancouver home sellers is impacting sale and price activity throughout the Vancouver Real Estate market.
After a slower January than average, the statistics are in, and February had a dramatic increase in sales; however new listings remain low. “February home sales were […] in line with our long-term historical average…,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This is the lowest number of new listings registered in February since 2003.
Low supply has been having its expected effect, continuing to steadily increase prices across the region, as fewer home owners are listing their properties. While prices for detached homes are dropping, limited supply is causing prices of the condos and town homes to slowly increase.
Average Detached Home Price dropped
Those who have watched the market over the last few months have seen the price of the average detached home drop almost 7% in the last 6 months alone.
If you are a condo owner in Metro Vancouver you will have seen your condo increase in value by an average of 5% since the midway point of last year!
Not only would you be selling your condo for the highest value in Vancouver real estate history, you’d be able to move into a single family home at a steep discount. With the recent movement in the market, buyers are looking at an increase in their purchase power of up to 10%!
Savvy homeowners are listing their condos for top dollar and using this brief window of opportunity to move into the detached home market.
If you have any questions about the real estate market, or are thinking of jumping on this opportunity.
Call Gary Serra & Associates at 604.799.3160