The real estate market in Vancouver saw very strong numbers for November 2019. With sales up and listings down, is the market in full recovery? Realty Elf 2:
Realty Elf 1:
Remax REALTOR Mark Wiens looks at two separate markets to show that while the numbers overall are positive, the lower end of the market is what is driving the positive numbers - not the higher end, which is still stagnant.
A lot of that comes from where the sales cycle starts. In previous years fist of many sales in a sales chain was at the high end. People were relocating to Vancouver with huge sums of money, and buying high end properties. Those people were then buying less expensive properties and so on and so forth. That money has now stopped coming to our city, and the first sale of the sales chain is now at the low end. People are buying their first home, and then those sellers are able to upgrade. This means that there is a lot less 'free' money in the market, and makes and rapid recovery at the higher end look less and less likely.
For any more information please feel free to contact Mark at 778-840-7653 or leave a comment below.
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