What Happened in the Market in May?
What is today's perfect home?
June is usually a month where life slows down, with long, sunny days to relax into the evening, and the anticipation of summer plans which are in the works. However, the market isn’t wrapping up anytime soon. There is great energy in the market, with Buyers and Sellers out and active, finding that perfect home. Read my Market Report below for an overview of what happened in North Vancouver, West Vancouver and Vancouver Westside in the month of May.
An increase in homebuyer demand put Greater Vancouver in the upper reaches of a balanced market in May.
Read the full Real Estate of Greater Vancouver market report.
What is the perfect home? We are seeing a trend to bigger, and new. Developers are hoping that residents and investors will continue to buy big, and owners want more space for extended families, nannies, kids moving home, or the option of a rental suite. Gone are the days when homeowners loved a work in progress, there is a request for move-in homes, with warranties and no surprises.
A home sold for $3M in Vancouver Westside isn’t news, but the fact it was immediately torn down makes headlines. The trend of trading in character homes for bigger and better is changing the face of our communities. Read Article: $3M house sold in one day faces bulldozer because it is too small.
Vancouver is considering a proposal to preserve character homes from being torn down for new construction. Over the past year, more than 70 homes have come down every month. Read Article: New bylaw to stem heritage home demolitions
So what is your perfect home? The market is very active right now. If you are interested to learn about your opportunities, call me, I'd love to help.