- a seller's market for affordable condos and townhouses, and
- a buyer's market for detached homes and higher end townhouses and condos.
Real estate in the Lower Mainland is currently two distinct markets:
Condos and Townhouses:
For affordable condos and townhouses there can be multiple offers, bidding wars, and often subject free offers with fast sales putting upward pressure on prices at the lower end of the market. This is true everywhere from North Vancouver, through Vancouver, Coquitlam,...
Higher inventory means more selection and more ability to negotiate vigorously with motivated sellers for homes that may include ocean views, are more luxurious, have more amenities, acreage and are in prestigious neighbourhoods.
The cut off price point from balanced market to buyer’s market varies by area, but in many areas, for example in South Surrey / White Rock and the eastside of Vancouver the pivot point is properties over $1.75 million.
The surge of investor...
Proposed changes to mortgage qualifications are anticipated to take effect in January 2018.
How you may be affected?
There is continuing pressure from buyers for “more affordable” housing – condos up to about $500,000, townhouses up to about $750,000 (threshold prices vary by area).
The strong demand is coming from all sectors: families, downsizers, first time buyers, divorces, and investors. Given the limited supply of inventory in this range compared to demand, these types of housing in pretty much all areas of the lower mainland continue to get multiple offers and move quickly....