Vancouver Homebuyers reap the rewards of Patience
It's a buyer's market right now and first-time homebuyers who resisted the urge to take the plunge and purchase a condo in the Vancouver real estate market when it was hot are now finding that good things come to those who wait.
Softening prices, a larger number of condos and homes to choose from and extremely low interest rates are helping to make home buying more affordable and less stressful for those deciding to purchase their first home in Vancouver.
Many buyers had been watching the market but held back in purchasing because of the soaring prices and lack of affordability.
Now that prices have dropped 15-20%, homes and condos in the Vancouver real estate market are now selling at 2006 prices.
In Kitsilano, you can now purchase a one bedroom condo for between $280,000 to $320,000. These same condo's were selling in the mid to high $300,00 range last year. Downtown Vancouver condos are selling in the low $300,000 mark where the same condo a year ago was selling for approximately $400,000. This has allowed many people who were renting to get in the market.
For more information on house and condo prices in Vancouver contact:
Peter Raab
Vancouver Real Estate Expert
Specializing in buying and selling homes and condo's in Kitsilano, Downtown Vancouver, Mount Pleasant, Fairview Heights and the rest of Vancouver Westside
Labels: first time home buyers, Kitsilano real estate, real estate vancouver, Vancouver market update, Vancouver Real Estate, Vancouver Real estate market update
