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Market Update - January 2013

Blog by Century 21 Amos Realty | January 28th, 2013

Market Update

Market updates…yes it’s that time again and here it is!

The market really is getting better folks! The Vancouver market is lower and expected to drop. Yes, that’s correct, however, they did not adjust pricing since the crash of 2008. Most of the rest of BC and Canada did….The larger centre however didn’t and now their time has arrived. Their prices may drop. We adjusted two years ago!

 We said it a little while ago that we've been having a pretty good winter thus far...much better than last year! And now its officially out...The South Okanagan, Kootenays, and BC northern regions have had an increase in home sales. Although sales are up in the South Okanagan, Kootenay's, and Northern Lights....sales could have been higher but buyers have been taking a holding approach to see what will happen with the market.

With regards to prices...they aren't expected to drop as there has been a much higher presence of sellers that aren't in dire need to sell immediately and are willing to wait a bit longer. Also, the noticeable difference in the average sale prices is due to the fact less luxury homes were sold in Vancouver…which essentially skews the price average in BC; the average home sold in BC is not a luxury home. On a positive note, Cameron Muir (BCREA’s chief economist) stated that the average sales price in the South Okanagan is $330, 436...so that means higher price ranges are starting to move as well as lower (please see attached for statistics).

If the market continues the way it’s been since December 26th then we expect a great spring coming up. We’ve been seeing more showings and sales since December 26…which is a great sign that buyers and sellers are getting ready to start moving.