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All the misleading headlines in the news papers and social media sites want you to believe the market is done and the sky is falling.  Here are the real stats straight from the source...

 

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.

 

Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.

 

Yes, there have been less sales in August and the foreign buyers tax did what it was meant to do...slow the market.

 

But there are 2 pillars that drive the market that have not changed...

1.  Interest rates, are at historical lows.  4 year fixed rates are as low as 2.39% and with a struggling economy and dollar the downward pressure for lower interest rates is very evident.

2. Low inventory, the over all inventory is low in the real estate market.  The market is not over saturated with many listing.   

 

The general perception of the real estate market is "things are slow and prices are falling".  Call us to help you use this knowledge, we can use our experience and know how to either buy or sell your home or investment property.  These next few months will be the best time to make a move before the spring market in 2017. 

 

Check out the stats...

 

 

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Office Location:

421 Pacific Street Vancouver
BC V6Z 2P5 CA

 

 

 

The Aziz Group specializes in Condo Real Estate and Investment Properties through out the Vancouver area.  Our team's experience and marketing strategies ensure the sale of your property in a timely manner and for the best price.  Our team of experts vast knowledge of the Vancouver real estate market will guide you to finding your next dream home or investment property.

 

Professional Background

The Aziz Group is led by the founder, Eniz Aziz, an award winning realtor in Vancouver.  The Aziz Group combines the expertise of multiple professionals including mortgage brokers, property managers, and publiscists to provide our clients with extensive real estate services.

 

The Aziz Group believes relationships and knowledge are the keys to success. The Aziz Group is a member of the Real Estate Board of Greater Vancouver .  We also have strong relationships with several local real estate developers.  We have built a sound strategy for market research and real estate forecasting for the Vancouver market.  We provide our investors the most up to date stats and insight for making comprehensive decisions when purchasing an investment property.

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