What to expect from the Vancouver real estate market for the summer 2016 season.
-
Also see – Spring 2016 – Real Estate Market Update
Friends, we are entering uncharted waters. The demand is at the all time high. The inventory is the at the all time low. We are having one record-breaking month after another. What’s next? Will the market crash? Will the prices go down? Will the market remain just as strong?
Short answer – “I don’t know”. In fact nobody knows, and whoever claims that they know is probably a psychic. However, as an experienced Vancouver Realtor I can make some predictions.
Real Estate Prices
We can anticipate the prices to go up slightly over the next few months in most of the Vancouver neighbourhoods. The price increase will not be as extreme as what we’ve seen in the winter and spring of 2016.
Condo prices in some Vancouver neighbourhoods might even plateau. In my opinion we will not see any price drops during summer 2016.
Buyers’ Demand
Buyers’ demand in Vancouver remains strong. However, we can already see early signs of the buyers fatigue. Properties that were receiving 8-10 offers in March and April are now getting 3-4 offers. Still a lot of demand. Perhaps people looking for properties during summer months notice a drop in the competition levels.
The market is still a very strong sellers market and will most likely remain a strong sellers markets for the summer months.
Inventory Levels/Houses or Condos for Sale
Vancouver real estate market tends to go through the seasons. Spring is generally a busy season and summer is slower.
We have seen a fifty percent drop in inventory from the previous years. We can anticipate even lower levels of inventory during this summer season. This could be a good opportunity for potential sellers to list their home as there are less competing properties.
In summery, the Vancouver real estate market will slow down a little for the summer months. The lower buyer demand will be balanced out by the lower inventory levels. For the most part – business as usual.
NOTE: This article represents my personal opinion. Do your own independent research before taking any actions.