In June British Columbia’s real estate market has been approaching balance – mostly. Like any generalization, including this one, there are exceptions and some of them are significant.
BC’s real estate market is managed by a number of real estate boards, and each has a somewhat different approach to how statistics are presented, so this round up is patchy.
In Vancouver, the market has been moving towards a balanced one. Balance means that the market favours neither buyer nor seller. In recent months we have seen that the sellers have had the edge in some areas, and buyers in others. This is still true, but it is Vancouver West, South Surrey/White Rock and West Vancouver that have been sellers’ markets. Much of the rest of the region has been balanced or has favoured the buyer. Detailed information is available on our real estate blog.
The Fraser Valley market is also balanced, though moving towards a buyers’ market. Sales were seasonally lower but prices were marginally higher than May 2011. The market in the valley is also variable according to the type of property and the specific areas, so once again it is important to get expert advice.
Victoria has been a buyers’ market and June continues this story. Prices may be edging up, but the increase in the number of listings is a strong sign that buyers have the advantage at the moment.
I am still waiting for statistics from the Okanagan where the real estate board is slower to produce updates – I guess they are too busy enjoying the relaxed lifestyle!
If you want tailored information on real estate for any area then let me know.