We could easily add a “sub headline” to this month’s Update which would be the same title, but with ‘buyers and sellers’ replaced by Greater Vancouver Realtors! I’m the first to admit that our crystal instruments are, of late, taking on a significantly more opaque (maybe foggy?) haze. Clearly, experienced R/E practitioners may admit to some ‘blow to our collective pride’ by not being able to answer our clients’ queries in a more definitive and authoritative fashion.
While on the topic of ‘headlines’ the REBGV entitled its news release “Metro Vancouver continues to experience above-average demand and below-average supply”. Interpret this correctly – “average” is the aggregation of sub-sectors. Remember that each of these is unique in things like geographic location, price point, size, accommodation,‘walk score’ etc.
Roll on the return of being able to speak of the probable ‘direction of the market’ , as in …. “Jennifer and Peter it seems you should wait a couple of months before buying/selling” or, conversely “Aman and Terrise don’t delay, buy now! …cause taxes/interest rates are likely to climb”. I don’t keep a tab on this statistic, BUT I can’t remember how many 1st time buyers have not heeded the advice to “act now” (lots though). The phrase “I’m waiting for the prices to drop” rings repeatedly in my ears. Alas the ‘investor buyer’ has been a major influence of late on the ability for first timers to be able to afford to own their first home.