VANCOUVER (NEWS 1130) – It’s a healthy, balanced market right now. That’s what one agent in Metro Vancouver is saying as the Real Estate Board of Greater Vancouver comes out with a report finding a 46 per cent increase in demand last month compared to last year.
Jenny Wun with Oakwyn Realty says people are feeling less overwhelmed than they did a few years ago.
“If you were to purchase a few years ago you would be priced out and also most likely competing against out of town buyers or buyers who are investors who have deeper pockets,” she says.
“A lot of the buyers that were intimidated are coming out of the woodwork, and they are talking to the mortgage broker. They are actually reaching out to me and asking, ‘Okay, what can we get with this budget?'”
The benchmark price for detached homes dropped 8.6 per cent in September compared with last year. The benchmark condo price was down 6.5 per cent from last year, and the attached home price was down 7.2 per cent.
Wun acknowledges that Vancouver is still expensive, but there’s more of an ability to negotiate.
“And sellers are not just testing the market. They are selling simply for the fact that they want to also move on with whatever decisions they need to make. So I think there’s that healthy dance between the buyer and the seller,” she says.
With files from the Canadian Press