Vancouver's Changing Real Estate Market for Buyers
It’s a Buyer’s market!!! The Market has taken a full turn form a very active Sellers market over the last 3 years to a much slower Buyers market. We have seen many more listings coming on the market and over 40% less sales taking place from the same period last year.
As the market changes we need to be able to change along with it. This means being more educated on the changing market and unfortunately for Sellers it means being more reasonable with the list price of their homes. With so much competition out there homes are not selling for the same prices they could have last year, nor are they selling as fast.
For Buyers it means there are more listings to choose from and they will in general have more time to make their decisions.
With this changing market CMHC (Canada Housing & Mortgage Corporation) has elected to eliminate the 40 year amortization and the 100% financing beginning October 15. This will be a big blow to First Time Home Buyers who count on these types of help in order to get into the Real Estate Market.
With all these changes now is a great time for all Buyers to get into the game. First Time Home Buyers need to check out this new website www.vancouverfirsttimebuyers.com, it will give first time home buyers lots of information and start them in the right direction. Buyers looking for Pre-sales or Assignments should visit www.buildingdigger.com; here they will find a complete database of all New Construction & Assignments in North Vancouver, Vancouver, and other areas in the Lower Mainland. For all other Buyers, you can go to www.thegumpgroup.com and fill in a Buyer’s Information Form and start receiving new MLS listings right away.
For more information on the Greater Vancouver Real Estate Market please contact Tyler Gump with TRG Realty at tyler@thegumpgroup.com or visit www.thegumpgroup.com