Vancouver Real Estate Fall market update
October 2009 was another big month in the Vancouver real estate market. Month over month we've seen stronger than anticipated listings versus sales in the Vancouver real estate market. October was characterized by steady demand eating up the shrinking supply which resulted in prices continuing to spiral upwards.
The buying frenzy of August, September and October has cooled the demand as the pent up demand is now gone with most of these buyers now in homes they've purchased.
Going forward I think we'll still see a strong November compared to last year and even the year before and things will cool in December which is normal in the Vancouver real estate market at that time of year. For sellers who's listings are on the market right now, they only have about one month to sell before everyone's energy goes towards the Christmas season.
For buyers in the Vancouver real estate market, this is a great time to buy! Although there is less selection on the market, there is more room to negotiate price which hasn't been the case in the past 7 months.
Many people as me about the impact of the Olympics on the Vancouver housing market. Expect the market to heat up considerably after the Olympics and prices to continue to rise as the market will be quite from December until the end of February and this will again create not only lots of pent up demand for condos and home in Vancouver but also international demand for real estate in Vancouver.
Peter Raab
Royal LePage Westside
Vancouver Real Estate Agent
Labels: Kitsilano real estate market update, vancouver real estate agent, Vancouver real estate agents, Vancouver Real estate market update
