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REAL ESTATE MARKET UPDATE
The Vancouver real estate market has begun to heat up with a 40% increase in activity for July 2013 in a month-to-month comparison to 2012. As I predicted back in spring, we saw a delayed Spring Market due to the BC elections holding back the high pent up buyer demand. Once the results were in, and some consumer confidence returned, the dam began to open resulting in a hyperactive June/July.
The ‘months supply’ (number of months to clear out existing inventory) metric for Vancouver’s Westside has dropped from a 9 month supply earlier in the year to a 5 month supply today – yielding a strong seller’s market as we approach September. The last few months have been busier than we have seen in 18 months. This rush in sales has cleared out many of the active listings setting the stage for an extremely active Fall Market.
Bottom line is: we are approaching what looks like a heated Fall Market where we can expect some strong appreciation in prices across t