- Posted February 26, 2013 by
vancouver, British Columbia
Vancouver real estate house market is tanking
West Vancouver, British Columbia -- The housing market in Western Vancouver is currently going through a ramshackle trend in terms of revenue. However, the present state of West Vancouver's Real Estate scene hasn't really shaken the wits of sellers... Or maybe not yet. Is this something that realtors or investors should panic about? It's too early to tell though, especially if you have been following the vancouver real estate market for quite some time.
In an interview where Eugen Klein, a Board President was featured: "Real Estate is a typical game of tug-of-war. As Buyers anticipate a decline or at least moderation of the properties' market price; Sellers stand their ground and remain as close to the price that they have imposed since the beginning, they'd even opt to raise the bars if opportunity allows them to". Canada has been relishing an all time high in real estate for the past years, it has even been more pronounced in West Vancouver; where luxury, elegance, comfort and convenience is nestled.
The demand for land on this region is more than what Vancouver could offer. The West End of Vancouver is highly prized by owners due to its proximity to a picturesque view of the lakeside and accessibility that a metropolitan could offer. Aside from that, Vancouver was always and still is a step or two ahead in terms of livability across the world. The city has in fact attracted an enormous number of wealthy immigrants, majority of which are Chinese or Asians. This part of Vancouver, where the indexed price for homes was at $596,900 in November, currently experienced a 4.5% drop. That's actually quite huge considering that the average price across Canada is at C$372,544. Then again, it continued to flourish, not until today.
West Vancouver home sales are slowing even though its where the best of high end life in the metro is offered. Today, as the number of listed properties rise, the number of properties remaining unsold for a long span of time shoots up as well. Why? For one, This market was highly patronized by wealthy Asian (most especially Chinese) buyers, but the number of these immigrants has dropped intensely. Experts also point their fingers on the slow growth rate of China and over investment in the housing and development sector. Aside from China's growth though, it could also be that Vancouver's high-end real estate is just too impractical for the average house buyer to even consider in this tough economic times. Apparently, gone are the days when owners and sellers greatly rely Chinese home buyers to come to Vancouver and enjoy posh residences.
The situation today couldn't be more contradicting to how things were for the past decades in Vancouver. Much like the US for the past years (which is by the way starting to show signs of recovery lately), Canada's realty is on the verge of slipping down the slope. Canada, most especially Vancouver, has shown stability in this market for decades; it may be safe to say that it's just a phase for Vancouver, and it's about time that it has share of lows. And besides, it's not peculiar for real estate to be shaky. Things could look up as quickly as it could turn its investors down.
Richard Morrison is a Master Medallion REMAX agent operating out of Vancouver, British Colombia, Canada. He has received numerous awards throughout his 10 years of being a Realtor and opened his own REMAX branch in 2003. His team consists of 5 expert agents, with a combined experience of over 40 years.
Richard Morrison Personal Real Estate Corporation