Extremely Low Inventory in Vancouver Real Estate Market
In West Vancouver the story is much the same, low inventory and steady demand from buyers from various demogrraphics, regions, and ethinicities. 2015 has seen a steady deman from Chinese Buyers as seen in the past 4 years, in additional to a noticeable increase in Demand from Persian, South American, and American buyers due to currencies, trade restrictions being lifted, and strong foreign markets / unstable politics. The main demand is form builders / investors looking to build to sell or buy and sell luxury property and multi million dollar views. Land values have doubled in 3/4 years with some properties changing hands 3/4 times over that period and view lots selling for as much as $1,000,000 over asking and for as high as $6,000,000.
Downtown Vancouver and Lower Lonsdale are very active with very low inventory with well priced condos and Townhomes selling at or over asking with multiple offers becoming the norm. In these busy marketsI have encountered mutliple with buyers or sold via multiple offers more times in 2015 than in the previous 7 years combined! It appears condo prices are set to be on the move again after seeing huge increased from 2001-2007 before a relative flat line in appreciation since 2008.
Consumer confidence is as high as I have ever seen in 8 years working as a REALTOR in Vancouver, combine that with low interest rates, a weak Canadian dollar, and seemingly unlimited demand from new immigrants and investors, my outlook for West Vancouver, Downtown Vancouver, and North Vancouver is for prices to continue to be pushed higher due to lack of new inventory and currently low supply, with the riskiest sector being luxury building lots and homes which are traditional more susceptible to the highs and lows of market fluctuation. The most demand to live on the North Shore is from families who want the quality of life, great schools, and convenient access to Downtown and Greater Vancouver / BC. The baby boom echoe is making a lot of noise in the housing market right now, a trend I think will continue. Families who want to stay for the long term and tougher lending laws which make accessing mortgages more difficult add a lot of credibility to todays prices and the long term growth of Real Estate values in Greater Vancouver.
If you have any questions about buying or selling Vancouver Real Estate in this busy market, call Stu Bell at 604-562-0532 to chat.