Happy New Year! I hope your holiday celebrations were fantastic.
Looking back at 2014, the Greater Vancouver market was a typical year, when comparing it to the last 10 years of activity. Home sales and listings total both rank fifth in this respect. The big news was for detached homes, which showed gains of 8.1% in price when compared to December 2013 in the benchmark price, which strips out the most expensive properties. Also, for the first time, the benchmark price for detached homes exceeded the $1 million mark in December at $1,002,200.
Looking specifically at Vancouver, properties in East Van continue to sit in Seller's market territory, finishing the month off with just 2.6 months supply of inventory for detached homes, and 3.7 and 3.5 month supply for attached and apartment properties respectively. West side homes, while still showing strong sales activity, finished the month out in more Balanced conditions with 5.5 months supply of inventory. However, both attached and apartment properties sat just within a Seller's market at 4 and 4.1 months supply respectively.
There is speculation that interest rates may rise during the second half of 2015. So if you are considering purchasing, the next few months may be a good time to do this. Likewise, if your mortgage is coming up for renewal, it may well be worth renewing slightly early to lock in the current great rates. Speak with your mortgage broker for more info. I can recommend some excellent brokers should you wish to look into this.
Here's the snapshot: