What To Expect This Summer in Vancouver Real Estate
There was a surge in real estate sales in May, but unsurprisingly the homebuyer demand in Metro Vancouver
So what does this all mean? It means if you’re thinking of buying then now is a good time. If you’re downsizing or looking to cash in for retirement, you might want to wait to see if the market picks up. While there is no predicting the future, it’s unlikely that these lows will stay low for the long term as a significant factor such as the Stress Test, prevent a lot of middle-income families from qualifying for the type of mortgage they need for a bigger home. The good news is if you can get over the Stress Test, this year might be the time to buy in Vancouver.
In the city, prices are still very much divided when you examine west versus east. The benchmark for a detached home in East Van now sits at around $1,350,000 compare this to the average which sits around $3,000,000 for on the westside of Vancouver. The key to finding a good deal is, you guessed it, all about location, location, and location. For buyers there are some pockets that remain relatively strong, and, on the flip side, if you’re a buyer, there are some really good areas where you can find homes for a bargain.
Queensborough, for example, was ranked as the best buyers’ market for a townhouse or condo on a list that included Central in Burnaby, Pemberton in North Vancouver, Saunders, South Cambie, Canyon Springs in Coquitlam and Renfrew in Vancouver East.
Steveston is also a desirable neighbourhood, known for its beauty and tranquility. It’s a charming community of families and retirees right along the water who often walk along the Fraser River boardwalk.
If you’d like to know more and learn what a good neighbourhood fit for you is, give Chris a call or email him HERE.