Vancouver real estate is primed for a comeback. There is no doubt about it anymore. Prices have already stabilized and multiple offers are again now occurring on a more regular basis. This, in part at least, has a lot to do with inventory levels and comparing it to previous historical dips.
Kevin Skipworth, managing partner of Dexter Realty, wrote in his analysis, “During the periods between 1997 to 1999, 2008 to 2009 and 2012 to 2013 monthly home sales in Greater Vancouver persisted below 2,000 units. In each of these periods, there were either over or close to 20,000 listings on the market. In this current cycle we are seeing the market struggle to get over 15,000 active listings — at a time when the overall housing stock is at its highest. Demand is increasing and will increase, and supply is clearly less than other significant slower markets. Click on link below for an in depth discussion on how and why the market has begun to rebound.