Good News? Bad News?…Depends on which side of the coin you would like to come up. For the past year, the Vancouver real estate market here has been described as a buyers market.
Clients ask me..”Exactly what is a buyers market?”. In very simple terms, if there are 3 listings and 15 buyers, its a sellers market. If there are 3 buyers and 15 listings, its a buyers market.
What do you have when house values dip slightly and sales remain below historical averages? You have “balanced” market conditions. This means the market does not tilt in favour of buyers or sellers.
In other words, for those waitng to jump on those crazy housing fire sales….Its not going to happen!!
“As the term suggests, a balanced market means that many of the key housing market indicators, such as price, are stable and conditions therefore don’t tilt in favour of buyers or sellers,” Sandra Wyant, REBGV president said. “If you plan to enter the market today, identify your needs, consult your REALTOR® and work to build a ‘win-win’ scenario with the people on the other side of the sale.” –
Sales down overall in June but bright spots include Langley, Richmond and Vancouver west side but “We’d be concerned if we had a lot of new listings coming onto the market but that isn’t happening,” Real Estate Board of Greater Vancouver president-elect Ray Harris said in an interview. “As long as the number of buyers and sellers remains fairly constant, we don’t really have any fear and conditions should remain balanced.”