June 2010 Downtown Vancouver & Westside Condo Market update by Jay McInnes
June was a month that confirmed to Condo Buyers, there is flexibility in the Vancouver Real Estate Market again. The back end of the month provided Buyers with a wide selection of product, with anxious Sellers waiting to tell them that their prices are “Flexible” and they “Want to Sell”. Sellers it seems have come to the realization that it is not the time to gouge the market. This was closely followed by the reality that Buyers really do have time on their side & don’t have to “BUY TODAY, OR FOREVER NOT AFFORD IT”.
In every point in the market there are usually one or two types of products that are the main target for the moment. For example, after things got bad in the later half of 2008 the entry level products were still flying off the shelf. This was because for the most part the First Time Buyers that had been saving for that down payment were finally exposed to a certain level of affordability. The entire market softened and they decided to make the jump and buy. In the beginning of 2010 the 1 Bedroom under $400K Market was on fire and you could not enter a negotiation without a multiple offer on good products. Now it seems that there is no one product that is high on the needs list of the general public. Every listing is feeling the massive numbers of competition & every category of Buyer has the relaxed feeling of “next month it will be cheaper”.