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MARKET UPDATE, first half of 2013
The first half of 2013 has turned out to be sporadic at best. We have experienced, since the beginning of the year, a market revival from January to March with high market activity in many segments, only to have a quiet April, followed by a busy May. The peak activity this year occurred in March. That being said there were various hot spots and cold spots in the Vancouver market.
These hot spots typically had an excellent response with lots of activity (if marketed properly) and sold, in most cases, in multiple offers.
The apartment condo market was hit especially hard again this year with the Westside faring better than downtown. Upgraded houses in the upper end, over $1.6M and into the $2-3M’s, were met with low turnouts and long exposure periods. Once again, new houses were a difficult sell this year. Historically, new houses were devoured by offshore demand. This demand being absent today has created a large over supply of new product sitting on the market relatively untouched.
Interestingly enough we are seeing a very elite crowd from China/Taiwan b