CONDO AND LOFT PRICES FAVOUR BUYERS
Over the past three months the choice of inventory combined with the initial “HST” scare have left buyers with more choices and finally the opportunity to negotiate.
“Greater Vancouver totaled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.
“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said."
The beginning of 2010 had plenty of pressure on prices rising, with very limited inventory, strong buyer demand, low interest rates, and the remaining hustle in the local economy from the 2010 Olympics. After March-April 2010, we saw plenty of new listings Downtown come to the market at very high pricing, slowing the remaining demand. Since June 2010, new listings must come out at reasonable prices in order to get any showings. Buyers are slightly less hot to act, as there are a few choices. Within the condo and loft market, some prices have cooled off about 3-5% since early 2010, but still unique properties have held their value well throughout the entire year. With average standard condos in Downtown we have seen some sales prices up to 10% off since early 2010/late 2009.
Remember, HST only affects brand new properties that have never been lived in, and real estate transaction fees. HST does not get applied to homes that have been lived in already.
For more information on what your property is worth, or what buying opportunities are available, feel free to contact me, Paul Albrighton 604 315 5574, [email protected]
Statistics from the Real Estate Board of Greater Vancouver, and Albrighton property sales.