Metro Vancouver Real Estate Shows Signs of Recovery
As everyone is well aware, the Vancouver real estate market has suffered as a result of the worldwide economic downturn. Housing prices as well as sales dropped significantly and the entire Metro Vancouver real estate market slowed down. However, while the numbers are still much lower than they were this time last year, the recent stats are giving reason for hope that the situation is beginning to improve.
In fact, over the course of just a few weeks the numbers have surged upward, creating the start of a very encouraging trend. As compared to February, March real estate sales in the Metro Vancouver area were up 53 per cent. The Fraser Valley and Vancouver Island also saw significant recovery with local sales increasing 48 per cent and 34 per cent respectively. Housing prices in these areas have also begun moving upward once more.
Particularly encouraging are the recent signs that the Metro Vancouver real estate market is really picking up. Local real estate agents are experiencing a significant increase in activity and interest, and are receiving many more telephone calls and property inquiries. Even though all the numbers and statistics still have quite a way to go before recovering fully, available properties around the city are receiving more offers and are generating more interest.
Local experts attribute this recent encouraging trend to a number of different factors. With lower prices as compared to last year and with low mortgage rates now available, more people are willing to make a move and get in on the Vancouver real estate market. Lower Mainland real estate agents and experts also believe that consumer confidence is recovering which, in turn, will continue to help the Metro Vancouver real estate market's recovery.
Of course, there's also the fact that Vancouver is such a beautiful city and many people would love to live and own real estate here. All of these factors have likely contributed to the positive changes that have occurred over the last several weeks and will hopefully continue to favourably influence the market. As already mentioned, Vancouver real estate sales are definitely still down from last year, but the recent strong upswing in the region is giving many people real reason to hope that market recovery is well underway.
In fact, over the course of just a few weeks the numbers have surged upward, creating the start of a very encouraging trend. As compared to February, March real estate sales in the Metro Vancouver area were up 53 per cent. The Fraser Valley and Vancouver Island also saw significant recovery with local sales increasing 48 per cent and 34 per cent respectively. Housing prices in these areas have also begun moving upward once more.
Particularly encouraging are the recent signs that the Metro Vancouver real estate market is really picking up. Local real estate agents are experiencing a significant increase in activity and interest, and are receiving many more telephone calls and property inquiries. Even though all the numbers and statistics still have quite a way to go before recovering fully, available properties around the city are receiving more offers and are generating more interest.
Local experts attribute this recent encouraging trend to a number of different factors. With lower prices as compared to last year and with low mortgage rates now available, more people are willing to make a move and get in on the Vancouver real estate market. Lower Mainland real estate agents and experts also believe that consumer confidence is recovering which, in turn, will continue to help the Metro Vancouver real estate market's recovery.
Of course, there's also the fact that Vancouver is such a beautiful city and many people would love to live and own real estate here. All of these factors have likely contributed to the positive changes that have occurred over the last several weeks and will hopefully continue to favourably influence the market. As already mentioned, Vancouver real estate sales are definitely still down from last year, but the recent strong upswing in the region is giving many people real reason to hope that market recovery is well underway.
Labels: Vancouver Real Estate
posted by VancouverResidence
