The Van Realty Real Estate Blog

I think these comments hit the nail on the head:

“Gains in home values are being led by the detached home market. Condominium and townhome
properties are not experiencing the same pressure on prices at the moment,” Harris said.
“Individual trends can vary depending on different factors in different areas, so it’s important to
do your homework and work with your REALTOR® when you’re looking to determine the
market value of a home.”

I've told clients many times recently the market has become a little tricky-  meaning exactly what Harris said-  there are many sub-markets and areas that are diverging from the overall trend.
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I'm constantly speaking to clients about the housing market in terms of supply and demand which is often reported as Listed vs Sold...   This info is easily obtained at the link provided below.

Note how supply (listed) has dwindled August 2014 compared to August 2013.   Meanwhile demand (solds or buyers) have remained fairly stable.   This has resulted in a market that feels much hotter or a sellers market.  I do point out however that many sellers from last year just gave up last fall so there may be some shadow inventory out there that comes back as they hear the market has picked up.

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Just listed and sold after the 1st open house with Multiple Offers.  Great yard and very good condition but only 3 bedrooms total and no suite.

  Near Burnaby Hospital,  it's a Fantastic time to Sell older homes in Burnaby.
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As always we advise our clients to follow the Mainland Chinese market closely for hints where we are going.

REMEMBER we're now attached at the hip!!

And- Prices falling 1% per month are not FUN
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