Tuesday, April 26, 2011

Vancouver Real Estate Market Up/Down?

It seems everyday there is an article written that says we are in a bubble and everyday there is an article written that this is going to continue. What is the truth? It is all just opinions of some who are professionals and most that are not. No one really knows where this market is going as there are sub markets within Vancouver market.

For example West side Vancouver, Richmond, south Surrey are very acive markets with multiple offers happening. Langley, Chilliwack and other areas are not experiencing this. Some say this all Asian influence, which it is for the most part. There is also a lot of other non Asians buying who have sold and move up buyers. I believe location to great schools, beaches, shopping, transportation is causing these three markets all the activity which will continue.

Low interest rates are here for the very long term, banks are making it very tough for clients to be approved and have been doing so for a long time(no major defaults on mortgage money coming). Outlining markets have adjusted and they should. The main core is where people wish to live and will continue doing so. This is where work is. So get used to vast differences in prices from one area to the next. Accept this is the new normal in the marketplace.

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