Over the last couple weeks there has been a noticeable change in the real estate market in Vancouver. The drop in interest rates combined with the new federal budget announcements encouraging first time homebuyers to break out of their shell and embark on the journey of home ownership. The two main announcements coming from the Federal Government was first time home buyers will now be allowed to use more of their RRSP (Up to $25,000 from the original $20,000) and the ability to write off closing costs such as legal fees.


On a personal note I have seen the market pick up substantially in the past couple weeks. I was taking out clients this past Sunday and was surprised to see that 6 of the open houses I was able to show had already had an accepted offer! Of course this was in very desirable areas in Vancouver (Kitsilano / False Creek) but this begs the question: Is this turning back into a seller's market sooner rather than later? I don’t think we are close to this yet, however people who are waiting for the market to drop further may be in for a surprise when they decide to purchase and there is a mad dash to the open houses across the city and they are paying through the teeth to purchase their investment. My advice would be to take advantage of these special circumstances and jump on the opportunity to become a homeowner in an area desired by most of the world!


Lee Bryant
Investment Specialist
604.220.5498 direct
lee@vancouverpowersearch.com

Labels: Real Estate Market, Vancouver