RE/Max has just released a report that the Vancouver housing market is surging – I think the gist is that NOW is a FANTASTIC time to buy the product that they are selling.
According to the report, the surge in resale activity can be attributed to three key factors: pent-up demand, low interest rates and greater affordability. “The combination — in conjunction with declining inventory levels — has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.”
The report stated that while average price is still significantly lower than a year ago, declining inventory levels have been placing greater upward pressure on values.
“First-time buyers are driving freehold housing sales at the $600,000 price point, while those looking at more affordable alternatives are considering condominiums starting at substantially less,” the report said. “Pent-up demand has also been building, with local purchasers and international investors both active in the market.”
I believe this blog and its readers are an example of ‘pent up demand’. Anyone out there bought a house or condo recently?