There's never been a better time in recent years to upsize from a condo to a house.
At least that's what the November statistics just released by the Real Estate Board of Greater Vancouver indicate. While transactions figures and prices of houses in the Vancouver area have been sliding slightly downward over the past few months, apartments are bucking those trends.
Spelled out in numbers, houses and attached properties have seen respective 2.1 and 6.7% drops in benchmark prices over the past month. Sales numbers have also been declining since August and now sit below the 10-year average.
Condo’s on the other hand showed increases in benchmark prices over October and these remained constant through November. Sales numbers also continued to increase, going up by 1.9% since last month.
Basically, with inventory still moving in the apartment category and for good prices, it’s a great time to capitalize on profits that can be made here before applying them to a softer detached market where there is currently room for negotiation.
Many buyers and sellers have been waiting until the spring to see what the impact of new government interventions and rising interest rates will be. At this point in time, it appears that a signifiant drop in prices is unlikely to to occur although real estate is definitely returning more balanced market.
Despite uncertainty over what the next year might bring, what is evident is that the market is currently providing great opportunities to make the jump from condo to house.
You can see the complete stats package from the Real Estate Board of Vancouver, including graphs, HERE: