August 2017 Market Update
The month of August is typically one of the slower parts of the year. It’s the end of summer and both realtors and their clients take the opportunity to slide in a final holiday. Despite that, we saw a fairly active market this past month. While the year-to-year comparison was easy (last August marked the onset of the foreign buyer tax that temporarily stalled our market), the numbers for this past August stand up very well in comparison to the 10-year averages.
There continues to be a distinct disparity between the house market and the market for condos (specifically under $1,000,000). Condos are seeing a lot of activity with sales up across the board and prices inching higher after a big jump in July. East Vancouver houses are faring a little better, but on the Westside house sales have slowed and prices are down slightly.
We see an opportunity opening up in this market as the gap between condos/townhouses and detached homes is narrowing. If you are thinking of upsizing at all this could be the ideal moment for you. You can take advantage of a hot market in which to sell your condo or townhouse and a much slower market to purchase your house. Let us know if we can help.