Despite recession fears and economic slowdown, Vancouver’s real estate market is one of the hottest on record. Relentless demand and a lack of land have fueled sales of properties in the Greater Vancouver area. 2015 was a banner year for Vancouver real estate.
A typical example of this trend is our recent sale of 2008-1408 Strathmore Mews, listed for only 7 days and sold for $1,403,000 – that’s nearly 20% over asking!
This bright and spacious 2 bedroom and den 1,062 sq.ft apartment is located in a very desirable building, with unobstructed views of False Creek and Granville Island. With a record low inventory of property available, it was hardly surprising that this prime listing received so many offers. The bidding war and lack of inventory were instrumental in driving the price higher.
Regarding Vancouver’s housing market, many economists predict a long-term trend whereby families will give up their detached homes on valuable real estate and move to higher density condos and apartments. Our recent sale was typically, a highly sought after type of dwelling.
The lack of inventory and historical low mortgage rates will ensure that sales in Vancouver’s real estate market will continue to sizzle, making our city join the ranks of the world’s most expensive cities.
With fewer homes listed and greater demand, you need a real estate professional that will be able to secure the right home at the right price for you. If you are planning to buy or sell a property Contact us at 604 695 1000 or email us.