“Many Canadians feel now is a great time to buy a home, but not for them personally.”
This was the general consensus found by a recent survey conducted by the Royal Bank of Canada. Of the 2,006 participants surveyed, 59% say now is the time to get into the housing market yet 73% say they are unlikely to buy a house in the next two years.
These results tell me that Canadians have mixed feelings about the real estate market and aren’t quite sure where the market is headed. This uncertainty makes it hard to know whether to buy now or to wait it out.
Greater Vancouver Real Estate Market
According to the Real Estate Board of Greater Vancouver, Greater Vancouver home sales this past month dipped below the 10-year average for the area and home listings outpaced what is typical for the month of March. Eugen Klein, President of the REBGV says:
“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace.”
MLS sales in March 2012 increased by 12.9% compared to February 2012 sales with a total of 2,874 residential properties changing ownership.
The average MLS benchmark price for all residential properties for sale in Greater Vancouver in March 2012 was $679,000, a 5.3% increase from March 2011. Residential properties for sale in the Lower Mainland have a benchmark price at $607,700 which represented a 4.8% increase compared to March 2011.
In March 2012 we saw a drop in number of property sales in all types of residential property in Greater Vancouver:
- 1,183 Greater Vancouver Detached Properties on MLS (down 34.1%)
- 1,191 Greater Vancouver Condo Properties on MLS (down 26.6%)
- 500 Greater Vancouver Townhouse Properties on MLS (down 24.6%)
Is it a good time for you to buy or sell in Greater Vancouver?
We hear opposing answers to this question on the news and read differening articles online each day. Some say the housing bubble is going to burst. Others say with such low mortgage rates it’s the perfect time to buy. Do these differing opinions make you feel uptight about your decision of whether or not to sell or purchase?
The answer of whether it’s the right time to buy or sell should not be based solely on industry research and predictions of what will happen in the real estate market in the next year. While these factors are considerable, you must ask other personal questions such as:
- Does my current property still meet my needs or is it time to upgrade, downsize or relocate?
- Am I comfortable making a purchase at this point? Am I ready for home ownership?
- Is this going to be a short term or a long term investment?
- Can I afford the costs of home ownership?
If you feel uncertain about the real estate market in Greater Vancouver areas such as Surrey and White Rock and what the prices of homes for sale in BC will do in the next year I would be more than happy to meet with you.
I can guide you through the market conditions and help evaluate your personal situation. Complete the online Sutton Realtor Contact form or call my direct line at 778-316-4290.