Where is Vancouver Real Estate Market Today? Where will it be later in 2015?
Ask any Vancouver Realtor today how the market is doing and they will tell you it is hot. This time they are not over-exaggerating!According to the latest data from Vancouver Real Estate Board, June 2015 was the second biggest month in over a decade, judging by the total number of units sold. In fact that market was so hot that 49% of properties listed on MLS in June sold that month!
A recent announcement of an overnight lending rate decrease to 0.5%, down from 0.75% is bound to affect our market. It was already very hot. Low interest rates among other factors (many specific only to the Vancouver region) have contributed to strong demand and low supply. A further interest rate cut (overnight indirectly affects lending rates) would only create stronger demand. While no one has a crystal ball, it is fairly safe to say Vancouver will continue to be sellers’ market, at least for a little while, with continued upward pressure on home prices across the region.
Ask your local Vancouver Realtor, Eugene Erchov, to help you make sense of this market!