The Real estate Board of Greater Vancouver reported on 2 December in their monthly publication that the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver is now only 1.9 per cent lower than the most recent high point of May 2008.
And Sellers know it! It is harder to negotiate offers - Sellers are confident that prices will continue to increase and hold out for higher prices in negotiations or take their property off the market now with the intention of re-listing in the near future.
The downturn will cost property owners likely a little more than 1 1/2 years of value growth and has given others the opportunity to buy the real estate they could not afford before May 08.
Friday, December 4, 2009
Tuesday, December 1, 2009
New developments
"The Mark" by Onni in Yaletown was launched on Saturday 28 November and in the first two days 76% of the condos were sold.
"Pacific Spirit" at UBC was sold out on 27 November within a few weeks of the launch.
The final decision on the introduction of the 12% HST in BC will be made this week but the uncertainty does not seem to affect the interest of condo Buyers.
Will the Olympics influence the Vancouver real estate values? And if so, will the prices be higher or lower after February 2010?
"Pacific Spirit" at UBC was sold out on 27 November within a few weeks of the launch.
The final decision on the introduction of the 12% HST in BC will be made this week but the uncertainty does not seem to affect the interest of condo Buyers.
Will the Olympics influence the Vancouver real estate values? And if so, will the prices be higher or lower after February 2010?
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