Is this the right time to buy real estate?
There are a lot of opinions flying around in the media and conversation circles these days about our current Real Estate market. So it may be time to step back and look at what the market is doing. In a recent article titled Home prices adapt to affordability demands the president of the Real Estate Board of Greater Vancouver Dave Watt stated “After five years of unprecedented increases, housing prices are beginning to realign.” This appears to be true when looking at the numbers. Since May 2008, the benchmark price for Greater Vancouver (calculated by the MLSlink Housing Price Index) has declined 5.8% for detached properties, 5.2 % for apartments and 3% for attached properties. Further to these numbers in a Globe and Mail article by David Ebner and Lori Mcleod titled B.C. housing heads downhill and in the British Columbia Real Estate Association’s Housing Forecast both call for much of the decline or correction in the market to take place before the end of the year. With large amounts of inventory currently available and downward pressure on prices, this could make for the right time to find the perfect property! If you need help finding that place try using VancouverPropertyFinder.com or call Mike Andruff at 604-644-0056.
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