Pasco's Blog

September another strong month!

October 02, 2014

The Vancouver Real Estate Market continued its march forward in September with sales and prices up in all categories (see your area update below-Area Analysis').

Much of the upward price pressure came from the house & luxury condo markets…a trend that’s likely to continue.

The upper-end house and new, pre-sale luxury condo market continue to surprise to the upside. However, price increases for re-sale condos/townhomes in the entry-mid level market have been slow & steady and remain a stabilizing market factor.

Generally speaking, the market remains very active overall but ‘highly segmented’ with sales & prices moving in ‘Micro-Markets’, according to neighborhood, home type & price point.

Two areas experiencing some difficulties in this backdrop are with the move-up & younger, entry level buyers.

Move-up buyers are seeing the price spread widen between their entry-mid level homes (Condo/Townhouse) and desired move-up homes (Houses). Increases for larger, upper-end homes, $1.1 mil or greater, has edged up 18% since 2010 compared with only 2 % for homes $500K-$1 mil.

Home ownership in the younger group (25-34) has dropped to 50% vs. 55.5% 2 years ago. However, this is most likely a short term phenomenon due to tightened mortgage regulations over the past several years.

*See my site for ‘Recommended Reads’ – ‘Move-up buyers feel the pinch’, ‘Rich homeowners get richer’ & ‘Demand grows for larger, family-size condos’.

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