Local Realtors Say Vancouver Is Changing Rapidly
by Blanche Evans
Taking advantage of its beautiful location near beaches and mountains, Vancouver is growing by the day, say local Realtors. "With many mountain and ocean vistas; a strong prosperous future; and an urban athletic lifestyle, Vancouver is changing into a world-class city," says Realtor John Kowalchuk. "Close proximity to beaches, mountains, hiking, biking, and restaurants give the different areas diverse lifestyles in Westend, Coal Harbour, Yaletown, Kitsilano, Fairview." About the market, Kowalchuk advises, "The market trends of each are as unique as each area. A short term unprecedented buying opportunity is currently starting in some of these areas. With a strong dollar sustaining low interest rates, compounded with the after effects of the Olympics announcement, we are still experiencing an increase of investment, confidence, and growth. Vancouver is changing at a great rate. With lots of investment income pouring in, the real estate market is difficult to get into but not impossible." "This world-class city offers a diverse blend of nationalities and a clean, safe and spectacular setting," says Realtor Beverly Boston. "Realtors in our areas are very busy and expect this to continue at least until the end of the year. This market has been brisk and continues to go up from last year's numbers. Sellers and buyers are both doing very well in this type of market that we are currently experiencing in Vancouver. The Real Estate Board mentioned that almost 3,000 homes were sold in September. It appears that if we continue with this type of activity in our market in Vancouver, we will see 2004 break the record for the most sales ever in the real estate board's history." "As predicted, the Real Estate Board of Greater Vancouver has posted record sales levels for 2004," says Realtor Tim Zimich. "This demand measured against low inventory levels over the first two quarters translated in "accelerating market" conditions which facilitated upward pressure on property values over the first half of the year. High sales-to-active listings ratios, (similar to that which we have experienced in the first two quarter of the past two years), will facilitate upward pressure on property values when demand measured against low inventory create "seller's market" and "accelerating market" conditions. The increase of inventory and decline in demand over the summer has now softened most of the re-sale markets, moving them into a "balanced market" state. While we will see slightly more pressure on the demand side of the equation, a generous supply of inventory will likely prevail through the fourth quarter within Vancouver East and Westside." |
