Tuesday, January 21, 2020

Vancouver poised to get back on its feet

The housing market of Greater Vancouver is projected to witness a modest growth this year after a weak 2019, according to the latest forecast by Royal LePage.

During the fourth quarter of the year, the region showed signs of improvement. The aggregate price of a home in Greater Vancouver decreased by 4.8%, improving from the 5.2% drop recorded during the preceding quarter.

The median price of a standard two-storey home and bungalow in Greater Vancouver declined by 4.7%, while the median value of a condominium unit went down by 3.4%.

The region's increased sales volume and shrinking inventory are signs pointing to a recovery, said Randy Ryalls, general manager of Royal LePage Sterling Realty.

"We're likely to see some moderate price growth after last year's decline in prices. The window of opportunity for buyers to get a deal is closing quickly for most typical buyers. There remain some excellent opportunities in the luxury market," he said.

Ryalls said the region remains healthy for both buyers and sellers.

"Sellers were able to purchase a new home and then sell their current property in a pretty short window," he said.

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