22% Increase In Real Estate Sales In August 2017
As your local real estate lawyer and notary public, we like to stay informed on the Vancouver real estate market, as not only is it our business, it’s our greatest interest.
Last month, the Real Estate Board of Greater Vancouver noted the sale of 3,043 properties, an increase of just over 22% from sales in August 2016. The growing demand for housing in Vancouver is met with a declining number of properties available, with trends predicting a rise in real estate prices.
This past August marked a 19.6% increase above average sales records for the month. In particular, the sale of condos and townhomes to first-time home buyers was a cause for the increase.
What Does This Mean For Homeowners?
As a homeowner, you may find this to be a perfect opportunity to consider selling your property. Compared to July, last August noted a 19.2% drop in newly listed properties (detached, attached, and apartment properties). When a 20% increase in demand is met with a 20% decrease in supply – you can expect the price of your home to increase.
The Real Estate Board of Vancouver remarks the following in regards to August 2017:
“Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region” – Jill Oudil, President, Real Estate Board of Greater Vancouver
With such high demand, could it be time for you to sell?
If you are the owner of a condo, particularly in the price range of $750,000 and below, this could be an opportunity to make a profit out of your investment.
What Are The Next Steps?
When preparing to sell real estate, you should contact your preferred realtor and trusted notary or lawyer. At Morris Notary, our extensive experience in the Vancouver real estate market makes us the right choice to handle the sale of your home to ensure a seamless and smooth transaction.
As a lawyer as well as a notary public, Kieran Morris is able to provide legal counsel as well as perform notarial functions. If you wish to rely on a reputable name to ensure the smooth sale of your property – Morris Notary is for you.
From less than 2,500 properties sold in August 2016, to over 3,000 this year, strong sales is a testament to the growing demand for housing in Vancouver. If you are interested in selling your real estate, please call Morris Notary at (778) 819.8553.