Got to Admit It’s Getting Better – Vancouver Real Estate News July 2013
The Vancouver housing market seems to have bottomed out recently following close to a year of very weak demand. Indeed, Beatles fans might recognize the next line of the song quoted in the title of this post is â€œit can’t getÂ no worseâ€. That refrain is certainly true of the Vancouver market. Until recently home sales were trending at decade lows in per-capita terms with the summer of 2012 standing out as particularly weak. However, demand has picked up considerably since May.
A number of factors are likely contributing to the recent upward shift in consumer demand. First, the impact of recent increases in mortgage rates might be pulling demand forward as homebuyers rush to lock-in lower rates. Moreover, the impact of last yearâ€™s shortening of insurable mortgage amortization is likely weighing far less on the market this year. Finally, recent economic data is pointing to an acceleration of growth in the back half of this year and into 2014. As the economy improves, we expect the housing market to improve along with it.
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Metro Vancouver REALTORÂ® â€“ Real Estate AgentÂ atÂ [email protected]