The Vancouver real estate market seems to have stabilized over the last few months, with prices for Vancouver condos and houses posted on the Multiple Listing Service (MLS) relatively flat, and just slightly down from their April peak.
The exception to stability came in the luxury home market, which saw some gains over last year. This is a vote of confidence for the market as a whole.
While this calm is less exciting for headline writers and economists, it's a great chance for buyers and sellers -- and those considering either option -- to take a breath and plan their next step. Now is the time to review your own financial situation and goals, and to approach the previously irrational real estate market logically, calmly, and with your homework done.
The good news is that this market stability actually benefits everyone.
With fewer Vancouver condos and houses being added to the Multiple Listing Service (MLS), sellers will see their properties getting more exposure with less competition. The first step is an expert property evaluation.
Buyers, meanwhile, benefit from stable prices and the time to find their perfect new Vancouver area house or condo.
And everyone avoids that rollercoaster ride I mentioned in last month's Vancouver Real Estate Market Update
Remember, volatile markets -- whether they're overheated or falling -- add confusion, and can tempt regular buyers and sellers to become speculators, losing site of the basics.
Now, as the market calms down and heads cool (along with the temperatures), we can all focus on and be thankful for what matters.
www.VancouverJustListed.ca
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.