Rob Viccars

The Lower Mainland real estate market seems to be in a constant state of flux lately.  Depending on where you go for your real estate news the market is either still tanking, as the Vancouver Province reported today, or in a rebound, according to last week's Vancouver Sun. 

There is a lot of confusion, with some sellers still demanding last year's prices for properties that will not sell and some buyers who have made playing low-ball a new sport (not that I have a problem with low-ball offers, they have their time and place).

By all accounts, from the realtors who are at the front line, the market has heated up considerably from the dismal start we had to the year.  I've been showing condos in downtown Vancouver over the last couple of weeks and the good product is moving (and quickly).  I have a client looking for an investment condo who just missed out on a property he loved because he wanted to take a couple of days to think about it.  As he put it, "you snooze, you lose." There are some great opportunities out there for buyers who want to get into the market and are willing to buckle in for the long term (at the very least 3 years).   Meanwhile, overpriced and less desirable product continues to sit unloved and un-shown.  

That does not mean the prices are not continuing to slide downward.  However, it's my belief that the worst is behind us.  Prices are declining at a much slower rate than last year and appear to be heading towards stabilizing.

Here is the wild card in the game...INTEREST RATES.  Today, you can get a five-year fixed rate for around 3.89%.  Combine today's historic low rates with current prices and buyers have all the incentive they need to go out home shopping.  If rates begin to climb back towards the mid 5s, it's my belief that the current stream of buyers will dry up.  After all, we're still dealing with an uncertain economy.

So my advice...if you're thinking about selling and you're committed to it because you're upgrading, getting out of the market, moving out of the city, or another reason you NEED to sell, get your property on the market now and take advantage of the spring market.  If you've thought about buying, call your realtor, set-up an appointment with a mortgage broker to get your pre-approval, and go kick some tires.

The only thing I can say with certainty is that the Canucks are in the playoffs.  Which raises even more questions...which team is a better match-up Chicago or Columbus?

Questions or comments?  Give me a call or email me at rob@robviccars.com