Market Update
September 2017 saw the market starting to stabilize. We are still seeing multiple offers and sales. Lower priced units continue to move quickly. However, we are also seeing price reductions throughout the lower mainland including Vancouver.
Contributing to the uncertainty is speculation as to whether the Bank of Canada will raise rates for the third time this year at its next scheduled rate announcement on October 25. A raise in rates usually contributes to a decrease in prices although it can lead to a short-term increase in activity and hence prices as buyers look to lock in pre-approved lower rates. We have seen some of that buyer instigated activity since the last two rate increases.
If you are thinking about buying or selling, feel free to call me to talk about your particular circumstances and how timing could affect your risk.
And for those of you following the numbers, the September numbers were:
|
|
2 Bedroom |
1 Bedroom |
||||||
|
|
#Active |
/sq.ft. |
#Sold |
/sq.ft. |
#Active |
/sq.ft. |
#Sold |
/sq.ft. |
|
Woodwards |
1 |
$1,362 |
3 |
$922 |
1 |
$1,025 |
1 |
$988 |
|
Downtown |
209 |
$1,400 |
88 |
$1,106 |
137 |
$1,160 |
95 |
$1,081 |
|
Coal Harbour |
37 |
$1,797 |
9 |
$1,528 |
16 |
$1,647 |
6 |
$1,293 |
Regards,
Kim
E&OE
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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