Active Vancouver Real Estate market carries into October
Consumer momentum in the Vancouver real estate market from August and September has carried into October, however expect to see things slow down as pent up demand has finally subsided. September recorded the third busiest month in the history of the real estate board as many buyers were eager to purchase before their 'locked in' mortgage rates expired. The good news for buyers is that there are now fewer people actively looking and with the continued supply hitting the market, price increases are slowing and bidding wars are not as common and aggressive as even one month ago.
We are now pretty much back at to the peak of 2008 in Vancouver real estate however don't expect prices to rise significantly over the next six months. Interest rates are creeping up and the affordability that we had 6 months ago is gone. I'm expecting a modest 5-6% increase in over all prices next year in Vancouver Westside, kitsilano and Downtown core.
If you'd like some more information on the Kitsilano real estate market or the Vancouver real estate market in general feel free to give me a call.
Peter Raab
Vancouver Real Estate Agent
Kitsilano Real Estate Agent
Labels: Kitsilano real estate market update, Vancouver Real estate market update, vancouver real estate update
