Metro Vancouver house prices, led by West Vancouver real estate, continue to contribute to increases in indices including the Statistics Canada new housing price index. Nonetheless, an increase in the number of properties available has relieved some of the pressure on the market giving home buyers added leverage in current transactions.

The Real Estate Board of Greater Vancouver sales figures for April show a 3% decrease in the benchmark price for a detached home in West Vancouver. While not showing an actual decline, homes for sale in North Vancouver, BC had only a 1.2% increase in benchmark price for detached home indicating a greater balance in the market.

This is good news for anyone looking at West Vancouver homes for sale. Factors including the imminent implementation of the Harmonized Sales Tax and inadequate inventories have tilted the playing field in favour of sellers over the past number of months. Analysts suggest that the current increase in the number and range of properties for sale will result in little upward pressure on prices throughout the balance of the year and a period of relative stability.

At the same time, interest rates continue to hover near record lows, an added benefit West Vancouver realtors are able to present to their clients. In fact, the economic instability in some European countries that threatens to slow global recovery has resulted in a .15% reduction in five year mortgage rates at all of Canada’s big five banks. Economists, though, are quick to caution that this rate reduction will not be long-lived.

Taken together, these factors make this an excellent time to consider buying property in West Vancouver or elsewhere on the north shore. Higher inventories provide a broad selection of homes in all categories and the intensity of market activity is lower than has recently been the case. Advantageous interest rates and upcoming changes to the tax regime support the case for buyers acting now.

West Vancouver is one of the region’s most desirable areas, from its natural assets to its amenities. The current market climate gives buyers looking to enter the West Vancouver real estate market distinct advantages over previous conditions.

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.

Contact:

Brock Smeaton

Debbie Walker

604.925.2911

brock@brocksmeaton.com