Real Estate in Vancouver is Doing Fine...for Now

Sunday, July 21, 2013

Things are looking good so far for the Vancouver real estate market, what with the Northern and Western districts experiencing at least 30 percent more gross sales since June (which is way better than the same period last year). That's not all; in fact, demand for luxury real estate is expected to remain consistent. If the market holds up, there won't be a foreseeable downturn in sales anytime soon—excellent news for both buyers and sellers.

That said, it will still take some time before a luxury property gets sold, particularly if the price is unusually too high or if there aren't that many interested buyers. Case in point: one $29.9 million estate in the West Side hasn't been sold since April 2013, despite the fact that a $25 million condo in Fairmont was sold in June. No doubt buyers still demand lower prices, as was the case for one residential property in Whistler that was sold earlier this year after a $5 million price slash.

Still, the Canadian real estate scene is much better than in the United States, which is only expected to turn up better numbers by late 2013. One expert even suggests that the year actually marks a transitional phase from Canada's lackluster real estate performance to one filled with optimism and greater potential. If this is true, then people can expect to see even better things in 2014 and beyond.


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