Vancouver poised to get back on its feet

by Gerv Tacadena on 21 Jan 2020

The housing market of Greater Vancouver is projected to witness a modest growth this year after a weak 2019, according to the latest forecast by Royal LePage.

During the fourth quarter of the year, the region showed signs of improvement. The aggregate price of a home in Greater Vancouver decreased by 4.8%, improving from the 5.2% drop recorded during the preceding quarter.

The median price of a standard two-storey home and bungalow in Greater Vancouver declined by 4.7%, while the median value of a condominium unit went down by 3.4%.

The region's increased sales volume and shrinking inventory are signs pointing to a recovery, said Randy Ryalls, general manager of Royal LePage Sterling Realty.

"We're likely to see some moderate price growth after last year's decline in prices. The window of opportunity for buyers to get a deal is closing quickly for most typical buyers. There remain some excellent opportunities in the luxury market," he said.

Ryalls said the region remains healthy for both buyers and sellers.

"Sellers were able to purchase a new home and then sell their current property in a pretty short window," he said.

Post a Comment

Most Trending News

Expect rise in attempted mortgage fraud: broker

According to a recent Equifax survey, 9% of respondents admitted they weren’t fully truthful on their mortgage applications and that Millennials were more comfortable with the idea of falsifying information.

Read More
These condo units offer investors the best bang for their buck

Investing in a smaller unit like a studio condominium may be the safest bet for investors in an expensive market like Toronto. According to these experts, here's the cash flow you can expect to see.

Read More
Pandemic containment measures in Canada caused job losses and a rise in the unemployment rate in Apr

Following the third wave of COVID, Statistics Canada released a labour survey outlining that both part-time and full-time employment declined.

Read More