July 2015 Market Update
Over the past months, we’ve seen one of the hottest local housing markets in the past ten years. This has been largely driven by detached homes – both on the Westside and in East Van, but attached homes are no less desirable. There are many possible reasons for the strength in the market – low interest rates, continued inward migration, optimism – but most obviously there is extremely low inventory – fewer homes are being listed, and buyer demand is outpacing the supply. The result? Prices rise and buyers scramble to compete in multiple-offers. While the summer typically leads to a slower market as people head on holidays, this summer the market is remaining active. Buyer demand has not decreased, while the inventory levels are declining only slightly, meaning competition for the available properties remains fierce. Now is a fantastic time to think about selling – don’t hesitate to get in touch if you’d like to discuss a possible move.