If you live in Vancouver and have been thinking about buying for a while, now is the time to take action.
According to the Canada Mortgage and Housing Corporation, the region’s housing market has dropped from a high degree of vulnerability to a moderate one for the first time since 2016.
“What does it mean? We are seeing a greater availability of homes. Buyers have more choices,” according to Eric Bond, a Vancouver-based senior specialist, market analysis at CMHC.
The CHMC report focuses on the resale market, but there has also been a significant shift in the presale market where developers and realtors have been trying to coax potential buyers who show any modicum of interest.
It’s time to get your finances in order, get a mortgage pre-approval and start seriously shopping. Remember that unlike a few years ago, that “offered at” price is more negotiable and you’ll have plenty of time to do your due diligence in making and considering your offer.
If you find that just right home for you, it’s never a bad time to buy. Getting out of perpetual buyer mode and moving in and on with your life will be a game changer.
Sources: VANCOUVER (NEWS 1130), Vancouver Sun, CMHC