Current market conditions contrast those seen last summer in the throes of the pandemic. With more choice and more value for money, particularly in the detached property segment, buyers looking to enter the market or move up the property ladder are entering a period of strategic opportunity.
“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” said Fraser Valley Real Estate Board President, Sandra Benz. “As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property."
A more balanced market offers benefits to buyers and sellers. For buyers, the ability to negotiate, both in terms of price and the terms of the purchase agreement are a welcome relief after years of intense competition in the market.
Daniel John, Real Estate Board of Greater Vancouver Chair said, “After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision”.
For sellers, while prices have softened from the record highs seen earlier this year, year-over year price appreciation is still reflected in current sale prices, and long term gains are north of 75% over a ten-year period in Metro Vancouver. READ MORE