Welcome to 2015! I'm excited to watch and participate in the market this year - after last year, I think we'll continue to see healthy markets in 2015. Let's take a look at last year, briefly...
The Real Estate Board of Greater Vancouver calls this year a "typical year", and I am inclined to agree. The markets rose and fell in a predictable manner, and while they were healthy, they were not above or below 10 year averages - in fact they were right in the middle! REBGV President Ray Harris: "While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year."
One such example of this upward pressure? Detached houses now have a benchmark price of $1,002,200 in Greater Vancouver - the first time the benchmark has risen above $1,000,000 for detached homes.
Looking at the past month, we can see typical seasonal declines - sales down across the board, and prices rising only incrementally. We'll now see a steady climb as we head into the spring - so if you're interested in listing or buying a home this spring, now is the time to get in touch!