I love my job and I'm good at it. I've been working in the real estate industry for 13 years. A 36 year Vancouver resident, I've got the market knowledge and experience you need. Vancouver has changed a lot in the last 10 years and its going to change a lot in the next 10. The economy is good and the market is busy. All you have to do is call me. I tend to your best interests!
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Summer 2017 – Condos are Hot, Stay Buckled In
Where is the market going in the next 10 years? Lets start by looking at what's happening right now.
Condos are Booming and Boomers are Doing it
Today - there’s a very strong desire for single floor living amongst the age 50/60 plus crowd. Boomers happen to be downsizing into the exact same condos that young upcoming families are upsizing into. Buyers at different stages of life are competing for the same space. The result is strong demand and low supply, buyers are competing with each other and multiple offers on condos are the norm.
Condos and Townhouses Values were Flat for 5 Years
Looking at the 10-year graphs for condos and townhouses, those markets were flat for 5 years, from 2010 to 2015! One would never know that by the way the media and politicians carry on.
Factors Driving our Market Today
The Gap Between Attached and Detached has Decreased
The differential in home values between attached and detached housing is narrowing, as it should. As single-family homes began their rapid 60% ascent in 2015, condos and townhouses were left behind, but now attached home values have risen to catch up. The market is repairing itself by returning to a more normal differential gap between attached and detached. If we were in a bubble, detached houses would have seriously corrected by now – but that hasn’t happened; instead of that happening, condos and townhouse values are increasing in value to bridge that gap.
There have been long periods of flatness in the condo and townhouse market. This will happen again! For every condo tower that goes up, there are less and less single-family homes. The single-family home will always rule the roost, just not right now. This too will change. Vancouver real estate will always continue to surprise and amaze. The last 10 years has seen significant change, I believe the next 10 years will see even more change.
Real Estate Resources
Whether you are buying or selling your home, using a real estate agent is a smart decision. Take the stress out of your real estate transaction, use the resources on this site to help get you started in the process. If you have any questions please don't hesitate to contact me.