'There have been a lot of sold signs popping up recently in the Greater Vancouver area. This is good news for a Real Estate market that got off to a sluggish start in 2013,' states Realtor Michelle Vaughan, who specializes in the North and West Vancouver.
(PRWEB) October 22, 2013
The overall increase in gross year to date sales for detached houses is up 10% from the same period last year in West Vancouver, according to the Greater Vancouver Real Estate Board. West Vancouver Realtor Michelle Vaughan comments on the recent trends of the real estate market.
After a record breaking year of Real Estate sales in 2011, it looked like it was going to be a while before the market started to make gains again. It has taken a good part of the year, but according to statistics published by the Greater Vancouver Real Estate Board, both North and West Vancouver have surpassed year-to-date sales for last year in detached houses and attached homes, with the only drop being seen in the condo market.
“There have been a lot of sold signs popping up recently in the Greater Vancouver area. This is good news for a Real Estate market that got off to a sluggish start in 2013” states Realtor Michelle Vaughan, who specializes in the North and West Vancouver areas.
Overall, the average price per unit is down by 2% from this time last year. However, when looked at over a longer period of time, the average price per unit has increased a little over 6% since 2011.
“This is more of what we would expect to see out of the Real Estate Market. The increase in 2011 created a false sense of anticipated growth from the local population, and was undeniably not sustainable. If you take a back to the statistics that the Real Estate Board published in 2010, the average increase per unit is 19%,” continued Vaughan.
Figures released by the Greater Vancouver Real Estate Board show that gross sales in the condo market in West Vancouver have fallen by 2% year to date over the same period last year. Average price per unit however is up 5%. When compared to 2011, average price per unit has fallen by nearly 9%.
In North Vancouver, the Greater Vancouver Real Estate Board also reflects a 10% increase in gross sales year to date over last year for detached houses. The prices are also down 2% since the same period last year, but up 4% since the same time frame in 2011. To look one year further back to gauge increases since 2010 that number jumps to 11%, and although not as huge as the West Vancouver increases, it is still fairly large growth in Real Estate.
The condo market in North Vancouver has realized a 7% decline this year to date over the same time period for last year, according to the Greater Vancouver Real Estate Board. While average price year to date is up by 2% over last year, prices have raised only a fraction of a percent since 2011.
In the early part of 2013 the economy in British Columbia slackened, due in part to low retail sales, an inactive job market and slower real estate market. The Business Council of BC is now forecasting an overall expansion of real (inflation adjusted) Gross Domestic Product in BC to be 1.6% in 2013. The Council’s forecast for 2014 is for further expansion, in the area of 2.5%*. If these projections are correct, or at least pointing in the right direction, Michelle Vaughan stated, it is likely that residential real estate in North & West Vancouver is on an upward trend.
For more information, please visit: michellevaughan.ca.
About Michelle Vaughn Real Estate:
Located in West Vancouver, Michelle Vaughan Real Estate specializes in homes in the North Shore region. Referred to as the “Hollywood North”, the North Shore offers waterfront properties and the mountains in residents’ backyards; the area is an ideal setting for anyone looking to invest in a home. Having grown up in the area, Michelle Vaughan is an expert in the nuances of the North and West communities of Vancouver, benefiting buyers and sellers alike. Michelle Vaughan goes the extra mile for all her clients to ensure they not only find the best house at the best price but are able to turn that house into a home. For more information on Michelle Vaughan Real Estate please visit: http://www.michellevaughan.ca/
- Business Council of British Columbia, July 17 2013 - http://www.bcbc.com/publications/2013/mid-year-update-bc-economy-slows-in-2013-rebounds-in-2014