Just when you thought the prices were going to give you a break, something new decided to come along. And that new thing is “presales”. Let’s back it up a bit and take a closer look at what exactly we are dealing with. If you take a quick look at MLS Vancouver, you will see what I mean.
Firstly, the market for real estate seems to be stopping its eternal climb to prices of new heights, which is great news for those who were starting to sweat about being able to find a home within their price range. That’s not to say that finding an affordable home is going to be easy, however. But, this is definitely a great start.
Secondly, people are waiting for the prices of homes to drop down. This is an expected outcome seeing as it is normally what follows a evening out of the market. That being said, this is what is causing the problem. The prices aren’t falling at all.
Dave Jenkins, Port Moody Real Estate Agent
Combine this with the fact that the presale figures are even higher than before is making some people in the market very, very frustrated. And with good reason. After all, you know that the prices are going to drop, so you decide to sit back and hold tight to your money, knowing you’ll get that house of your dreams for a cheaper price once everything settled down.
But, the province has another blow up its sleeve, and this is the very fact that the general pricing in real estate across the entire province in British Columbia is doing just fine. In fact, it’s gone up. So, what does that mean for those who are looking to make a home in Vancouver?
There is still a lot up in the air about how the prices are going to be impacted now that the terrifying demand is started to stabilize itself, according to a known Vancouver realtor. There have been a few drops in prices in this busy area, which are encouraging, but most of it is simply holding steady and starting to inch back up to that line of increasing again.
Officials say that the market for real estate is healthy and that this is a good thing, but it isn’t for those who are trying to find homes in the expensive city. After all, the prices were driven up by those foreign buyers, who have recently moved onto bigger and better things, and now hard working residents of Vancouver are being forced to meet the over inflated prices that were caused by other people. In other words: Vancouver inhabitants are being forced to clean up someone else’s mess, and no one is happy about it. Well, except for those who are looking to sell their homes at the highest price possible, that is.
It’s not a buyer’s market right now, and residents are waiting impatiently for something to change so that having a home they actually afford to live in. It seems like it is just blow after blow for the unfortunate Vancouver lovers. Perhaps the new year will bring new cheer, but that is still a very long way away for those who are in the market to buy, right now.