Summer to Fall Outlook
Summer to Fall Outlook in the Real Estate Market.
Stats, facts, and Opinions from “The Axfords”
A buyer’s market?
The bullish market we experienced in the first quarter of the year has lost some steam.
In the first quarter of the year there were approximately 8,000 listings on the Greater Vancouver Real Estate board for buyers to view. This inventory grew to approximately 18,000 listings. This in part has slowed the market. Several sellers were anxious to “cash out” if they could get their price and thought it was worth trying. Now with the slower sales some of these sellers see that it is futile to meet their expectations and are taking their properties off the market. If inventory gets down to the 14,000 numbers this then becomes a balanced market. (For more information please visit our website www.theAxfords.com)
Clearly, this is at present a buyers market. Since we live in one of the most desirable places in North America, we do not need to panic the market will recover. However it is a time to Buy or Sell smart as the market is trying to find a level of stability. You have to know the market, bargain hard, and be fairly accurate on your forecasting; this is what your realtor MUST be able to provide for you today.
Potential buyers need reminding that the interest rate market is attractive and that lenders short term and long term rates are fairly close to each other. This rate spread tells us that the banks should be near current levels for the next 24 months.
Inventory selections are fantastic, builders are holding off putting new products on the market until existing inventories are near gone. Then once they start another building program pricing should move upwards as inventories will be low.
I would forecast that by mid fall we will see the market strengthen with homeowners buying up or buying down.
If you have considered a real estate move the selection is very good, along with interest rates and an opportunity to not feel pressured to make your decision within a few hours (as was the case early this year).
Some recently Listed properties you, your family, friends, or acquaintances might be interested in:
Land:
Lot B 2965 Sunnyside Road, Anmore $659,000
2250 Shaughnessy Street, PoCo $525,000
2280 Shaughnessy Street, PoCo $749,000
Apartments:
#102-2266 Atkins, PoCo $195,000
#258-585 Atkins, PoCo $358,900
#258-585 Austin Ave, Coq $389,900
1103 O’Flaherty Gate, PoCo $389,900
#115-700 Klahanie Dr, PoMo $369,000
#6-20841Dewdney Trunk, PoCo $325,900
#21-2986 Coast Meridian, PoCo $339,900
#2005-5645 Barker Ave, Bby $219,000
#421-2628 Maple St, PoCo $388,000
#115-1190 Pacific St, Coq $249,000
#117-2231 Welcher, PoCo $234,900
#206-2380 Shaughnessy st, PoCo $195,900
#305-1200 Eastwood St, Coq $204,900
#106-707 North Road, Coq $220,000
#805-200 Newport, PoMo $358,500
Houses:
2008 Rugby Ave, Bby $1,888,000
1527 Parkway Blvd, Coq $1,699,000
1199 Cottonwood Ave, Coq $1,050,000
1055 Regan Ave, Coq $1,279,000
2940 Pinnacle St, Coq $1,049,000
941 Clarke Rd, PoMo $949,999
2827 Norbury, Coq $749,000
1037 Corona Ave, Coq $729,000
40 Wildwood Dr, PoMo $879,000
2680 Burnside Pl, Coq $549,000
3228 Mariner Way, Coq $509,000
Visit www.theAxfords.com for all details of the preceding properties.
For a more detailed website for Port Moody Condos visit:
