(MENAFN Press) (NEWSWIRE.NET) 20th November 2012, Vancouver
Richard Morrison, a self proclaimed 'real estate geek,' as he calls himself, has provided his insights into the ever changing Vancouver real estate market in Canada with a unique analysis of the October 2012 market in British Columbia, mainly the locations in and around Vancouver. His Remax team has been operating in the Greater Vancouver region for the last decade. Morrison's Analysis Reveals a Very Strong Buyer's Market for Vancouver real estate According to Morrison, there has been a drop in median sales averaging 10% across the board since July 2011, but the anomaly is that the total inventory has climbed fairly extensively in most of these areas. This is true for detached single family homes, attached townhomes, and apartment condos.
There have, however, been some exceptions which Richard Morrison reveals in his report, such as townhomes in the Kitsilano market, which only dropped by 3% since July 2011. Further research shows that although the market prices are very stable in certain areas like Kitsilano, where they have been resilient to the rising inventory levels, other areas have not been so lucky. Cambie is one of the areas that has been hit hard and these detached single family homes experienced a huge drop. Morrison and his team are intrigued by the varying dynamics being seen across the lower mainland, however, they are very confident that Canada is moving slowly from a generally balanced market into a buyer's market.
Morrison's Advice for Buyers According to Morrison, market cycles fluctuate all the time, even with the economic recession. In fact, it is interesting to note that during all major financial events worldwide, when markets were slow and economies crashed, Morrison told all his buyers the same thing -and that was to buy. "Market cycles are a fact of life stay the course and pick up the good buys," he advises. "We had great times in the past 10 plus years and some things must and do come to an end, but it does not mean a crash!" He continues, "The general population must go on Families downsize, upsize, people relocate, they move away for other reasons This market has come and gone and life goes on" Taking into account the drop in market prices throughout most of Vancouver since the peak in January 2012, it is safe to say that that time buyers have been waiting for is right now.
With over 10 years of experience, Richard Morrison RE/MAX, realestatevancouver2010.com offers services throughout Vancouver and surrounding areas of British Colombia. He, along with his 5 member team operate out of Vancouver Downtown and surrounding areas.