Fraser Valley & Metro Vancouver Real Estate Bidding Wars?
(February 26, 2015
)
As our clients and industry partners already know, our urban and suburban real estate team at THE BC HOME HUNTER GROUP have no competition when it comes to our marketing, market analysis and client services. We have been forecasting the real estate market minutia and micro market movements for decades. Now the numbers are once again showing that we were ahead of the curve again, all of which allows our clients and industry partners to be steps and in many cases years ahead of the competition.
Vancouver's real estate market appears to be heating up again, but this time real estate agents say the bidding wars are spreading to the suburbs as well. Example number one, last month the North Shore had 50 listings under $1.2 million, of those, 40 sold and most in less that 8 days. Keeping in mind that, as we forecast, the detached market list and sell ratio is making the condo market numbers look very poor indeed and will continue to do so.
According to Greater Vancouver Real Estate Board president Ray Harris, there were 14 per cent fewer properties listed for sale across the region this past January when compared with January 2014.
"This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we've seen in four years," said Harris.
"This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we've seen in four years," said Harris.
Falling rates and inventory:
UBC real estate professor Tsur Somerville said falling interest rates are also part of the reason buyers are snapping up more suburban homes.
"The drop in interest rates by the Bank of Canada and sort of what that's led to in the mortgage market, are getting a lot of people to decide 'Gee, we better start buying now rather than wait six or nine months.'"
Our real estate team have seen that "abnormal" activity in most of the suburban areas, including Burnaby.
But Somerville cautioned those who are thinking of jumping into the market not to move too quickly.
"My general feel is that the more you panic around house purchase, the less happy you'll be in the long run. Because fundamentally whatever drives your purchase, you're going to be in that house for a while, and the most important thing is really how much you like where you're living and what you're living in," he said.
UBC real estate professor Tsur Somerville said falling interest rates are also part of the reason buyers are snapping up more suburban homes.
"The drop in interest rates by the Bank of Canada and sort of what that's led to in the mortgage market, are getting a lot of people to decide 'Gee, we better start buying now rather than wait six or nine months.'"
Our real estate team have seen that "abnormal" activity in most of the suburban areas, including Burnaby.
But Somerville cautioned those who are thinking of jumping into the market not to move too quickly.
"My general feel is that the more you panic around house purchase, the less happy you'll be in the long run. Because fundamentally whatever drives your purchase, you're going to be in that house for a while, and the most important thing is really how much you like where you're living and what you're living in," he said.
The "rise of the burbs" fundamentals are in place and our continued long range forecast for massive growth of all kinds in the Fraser Valley for the next several decades is solid. We are continuing to see Fraser Valley cities such as Maple Ridge, Pitt Meadows, Langley, South Surrey, Surrey and Abbotsford transition and grow with an influx from all areas.
Continued jobs growth in those cities, low taxes, school expansion, amenities, shopping and recreation will allow those areas to flourish as Vancouver slowly becomes a suburb to "the valley" much to the chagrin of the urban planners and social engineers at city hall.
Whether your considering buying, selling or just have some questions don't hesitate to call or email our passionate team of real estate industry professionals any time, 604-767-6736.
ShareCategories
Archives
- May 2022 (1)
- November 2021 (2)
- October 2021 (3)
- July 2021 (1)
- March 2021 (1)
- April 2020 (1)
- January 2020 (1)
- October 2019 (1)
- September 2019 (1)
- August 2019 (1)
- June 2019 (1)
- April 2019 (1)
- December 2018 (1)
- August 2018 (1)
- July 2018 (1)
- June 2018 (1)
- April 2018 (1)
- March 2018 (1)
- February 2018 (2)
- January 2018 (2)
- December 2017 (1)
- November 2017 (2)
- October 2017 (2)
- August 2017 (3)
- June 2017 (3)
- April 2017 (3)
- March 2017 (3)
- February 2017 (1)
- January 2017 (3)
- December 2016 (4)
- November 2016 (2)
- October 2016 (3)
- August 2016 (3)
- July 2016 (1)
- June 2016 (3)
- April 2016 (3)
- March 2016 (3)
- February 2016 (10)
- January 2016 (5)
- December 2015 (1)
- November 2015 (4)
- October 2015 (3)
- September 2015 (1)
- August 2015 (3)
- July 2015 (3)
- June 2015 (10)
- May 2015 (4)
- April 2015 (9)
- March 2015 (3)
- February 2015 (5)
- January 2015 (12)
- December 2014 (7)
- November 2014 (13)
- October 2014 (13)
- September 2014 (9)
- August 2014 (4)
- July 2014 (10)
- June 2014 (12)
- May 2014 (10)
- April 2014 (5)
- March 2014 (23)
Subscribe To This Blog
© 2004. An independently owned and operated broker member of Sutton West Coast Realty. Each office independently owned and operated.
Sutton and Sutton West Coast are service marks of Sutton West Coast Realty and are used herein under license. Mandeep Sendher is the licensed realtor at The BC Home Hunter Group and though he is not the owner of any BCHH domains, trademarks, branding or content he assumes 100% responsibility for any and all online and offline print material, artwork, reports etc. MANDEEP SENDHER is responsible for all problems and issues including this web site or other BCHH social media platforms or electronic communication.
All photos, artwork and materials are assumed to be in the public domain unless otherwise stated. Copyright claims will be honored upon specific identification of material and immediately dealt with upon request.
The content of this website is protected by copyright law. All rights reserved. Unauthorized use in any way, shape or form is prohibited. Information is deemed reliable but is not guaranteed. Maximum care has been put into the accuracy of the content, but specifications and details should be verified by the parties involved in transactions, and we are not liable for any losses whatsoever incurred as a result of information on this website.
You are not permitted to post on or transmit to or from this web site any unlawful, threatening, libellous, defamatory, obscene, inflammatory, pornographic or profane material, or other content that could give rise to civil or criminal liability under the law.
This web site does not grant you any rights to use our trademarks, service marks, logos, artwork or trade names. The content on this site is protected by copyrights, trademarks and service marks, other intellectual property laws, and other laws and regulations.
The design, layout, graphics, photography are copyrighted and the property of THE BC HOME HUNTER GROUP, and may not be reproduced and/or used for any purposes whatsoever, without written consent. THE BC HOME HUNTER GROUP does not claim to own the rights to any or all artwork, designs, photographs etc, found on this web site or any other or any social media unless otherwise stipulated.
BCHOMEHUNTER.COM
VANCOUVERHOMEHUNTER.COM
FRASERVALLEYHOMEHUNTER.COM
NORTHVANCOUVERHOMEHUNTER.COM
WHITEROCKHOMEHUNTER.COM
LANGLEYHOMEHUNTER.COM
CLOVERDALEHOMEHUNTER.COM
WESTVANCOUVERHOMEHUNTER.COM
PITTMEADOWSHOMEHUNTER.COM
BURNABYHOMEHUNTER.COM
COQUITLAMHOMEHUNTER.COM
DELTAHOMEHUNTER.COM
MAPLERIDGEHOMEHUNTER.COM
PORTMOODYHOMEHUNTER.COM
SURREYHOMEHUNTER.COM
SOUTHSURREYHOMEHUNTER.COM
FORTLANGLEYHOMEHUNTER.COM
MORGANHEIGHTSHOMEHUNTER.COM
604LIFE.COM