Year in Review….Posted on December 07, 2015
As we wrap up 2015 and gear up for 2016, it’s been a record breaking year in the Vancouver real estate market. We have seen a significant increase in home prices, continued record low interest rates and a wildly active market. Residential sales in the province are projected to surpass 100,000 units this year! This level of home sales will be the third strongest on record and mark the first year since 2007 that BC home sales exceed the ten year average.
Over the past year consumer demand has continued to increase and is expected to remain high throughout 2016. But the inventory of homes for sale is now at its lowest level in nearly eight years. Sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher. While historically low mortgage rates help drive demand, the housing market is also being fuelled by a more robust economy, job growth, strong immigration, and consumer confidence. After climbing 15% in 2014 and nearly 20% this year, MLS® residential sales are forecast to decline 7% to 93,700 units in 2016 strictly due to lack of product.
If in 2016, your plans include buying or selling real estate in Downtown and East Vancouver, I am always happy to answer any questions you may have about the market. Your business and kind referrals are the best compliment you can give me.