Market Update
Market Update March, 2009
To put a positive spin on things.......
We are incredibly lucky to live in this spectacular city. With a global economic melt down such that my generation has not seen before, our real estate market is realigning itself. We mustn’t forget that our local housing market is underpinned by solid economic fundamentals and that in general Canada’s financial systems are in relatively good shape.
Residential housing sales in Greater Vancouver rose 94% in February compared to January 09 (which was the slowest month for housing sales in 25 years). Over the past ten years, February sales have typically surpassed January by an average of 53%.
At the same time, new listings for residential properties in Greater Vancouver decreased for the fourth month in a row; 25.6% in February compared to the previous year; 20% in January; 8.6% in December and 10% in November. With interest rates at historically low levels, there are terrific opportunities for Buyers right now.
For individuals who have owned their homes longer than 5 – 7 years, you can take comfort in the fact that the value of your home has increased tremendously over the same period of time which will serve to soften the blow of projected house price declines over the next one to two year period.
Prospective home buyers can look forward to a more stable market and the opportunity to shop around for their dream home.
Bottom line is we live in one of the world’s most beautiful cities and home buyers will always be drawn to our community. Whether you are selling in this challenging market or looking to purchase a home, I will offer you the most effective and successful marketing program available in the industry today, along with an unprecedented knowledge of our local market and the homes that are available to purchase.
I look forward to working with you.
Brock Smeaton
The design, layout, graphics, photography are copyrighted by Brock Smeaton and Associates, and may not be reproduced and/or used for commercial purposes without written consent.
© BrockSmeaton.com, All Rights Reserved. Website Designed by Sonika Studios Inc.