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October 2009 West Side & Downtown Condo Market Listings & Sales report

This is the MLS Market report for October 2009 West Side & Downtown Residential Condominium Sales & Listing numbers.

The Downtown Market had an interesting month in October. Continuing from September, October saw a very strong Sellers market. As the market (depending on the building) is within 5% of peak prices from 2008, there is currently a lot of Buyer confidence at the moment.

First Time Home Buyers are still taking advantage of low interest rates that they perceive will stick around until June of 2010. There is still a lot of urgency in the market for quality product but it is not as strong as July & August saw. There is more product hitting the market but a lot of it is in average grade developments. That being said, there is still a general urgency to buy as people have seen the market correct so quickly from ’08 & continue.

The general “Market” thought is that the current activity will continue through the winter. People are looking at the Olympics (Feb/March ’10) as the next point for a softening market, in place of the norm that typically takes place seasonally in Fall & Winter.

If you are looking to Sell Real Estate it is a great time as prices are almost back up to the peak of 2008. Also don’t forget that HST is coming into place July, 1 2010. This means sellers will be paying an additional 7% tax on top of the current 5% GST they are already paying on Real Estate commissions of the sale. Contact me direct for any further details at Jay@JayMcInnes.com or 604 771 4606.

October 2009 Real Estate Market Report by Jay McInnes

If you have ay questions about the current market please contact me direct at jay@jaymcinnes.com or 604 771 4606.

For any specific details in regards to Crosstown Vancouver Condos for sale please visit http://www.CrosstownCondos.com or for any specifics on The Atelier on 833 Homer Street please visit http://www.AtelierVancouver.ca.

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