August was a lot busier than expected in Vancouver Real Estate.. for both sales and general interest in the market even though fewer listings were available. This past August saw an overall 50% increase over August 2012, which is pretty significant for a typically slow month.
Though inventory numbers are still rising – we expect the peak to be around the beginning of October – there aren’t a ton of good options right now. Expect good properties to get a lot of interest and sell quickly. Subscribing to LiveKitsilano’s PCS Listings Service will help – it’ll email you with new listings that match your criteria every day, often before the listings hits Public MLS. You’ll be able to stay on top of everything on the market, and you’ll also be able to see if listings have sold, or dropped their price.
The banks are becoming more picky with requirements for lending – we’ve seen quite a few deals fall through due to financing. We expect these lending hassles to bring the Fall Market down a notch – it’ll still be busy just not as hot as expected. Keep in mind that in with accepted offers falling through due to financing, properties aren’t sold until all subjects are removed. Submitting a back up offer is a consideration in this kind of market. Take a look at our Mortgage Calculator for a quick analysis of your affordability.
An overall trend I’ve noticed in the market is a decrease in listings over last year and an increase in sales. Reading between the lines – this means there is more competition for fewer listings.
Take a look at the specific Real Estate Update for each type of property in Kitsilano: