The Vancouver real estate market has been quite a woozy this past year!! But if you're thinking of upsizing or upgrading, this is the perfect market for you!! Why? Detached homes have had the biggest impact in many areas, going from a strong Seller's Market, to a Buyer's Market (some areas & price bands are still strong though!). For homeowners that are in either a condo or townhome, this is a great opportunity to move into a detached home!
For example, if you have a condo in the downtown area (which is seeing a *31% Sales Ratio....meaning 3.1 out of 10 homes are selling), you could make a move to East Vancouver which is seeing a Sales Ratio of *9% (meaning 9 out of 100 homes are selling). This means you can make a written offer with a subject to inspection and financing, something that wasn't happening the majority of 2016.
*Stats taken from SnapStats January 2017.