Vancouver Is Still Under the Influence of the Housing Bubble, Says Marcus Arkan

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According to Marcus Arkan, CTO of Syndicate Mortgages, the real estate market in Vancouver is slow and investors are still not confident enough to invest in Vancouver real estate.

According to the latest updates by the Real Estate Board of Greater Vancouver, the home sales dropped by a staggering 6.1% this April, as compared to sales in April, 2012. Marcus Arkan, mortgage expert and CTO of Syndicate Mortgages, believes that the dip in home sales in the Vancouver real estate market can be attributed to external factors.

The Board said that the April sales of 2013 were the lowest April sales since 2001. Moreover, the amount of sales was 20.9% lower than the 10-year sales average. Although the statistics denote an increase of 11.9% from March, the sale of residential properties dipped in April 2013 from 2,799 to 2,627.

The president of the Real Estate Board of Greater Vancouver (REBGV), Sandra Wyant said that even though the home sales in the Vancouver real estate market were below average, those properties that were rightly priced were actually selling and a balance could be observed between the Vancouver home inventory and the buyer demand. She also reasoned her statement by saying that the current scenario was having a steadying effect on the area’s home prices. The Real Estate Board was of the opinion that the home prices throughout the region have seen gradual and modest increases over the past three months.

Regarding the recent dip in home sales, Mr. Arkan remarked, “There are many external factors due to which potential home buyers are shying away from the real estate market in Vancouver. Stricter credit policies and the government’s focus on consumer debt are some of the key reasons why home buyers are not comfortable investing in Vancouver real estate.”

According to Mr. Arkan, such factors have made potential buyers more cautious about buying or selling real estate. To improve the current scenario, confidence has to be vested back into investors and buyers regarding real estate investment in Vancouver.

In markets that are below average, pricing plays a vital role. Therefore, it is important for sellers to hone their pricing strategies to be more competitive. However, the buyers will not observe any dramatic price dips as a result. They will only be able to see small changes in the home pricings in the region.

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About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.

Contact Details
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062
Email: info(at)smibroker(dot)com

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