Are You Waiting for Housing Market to Cool Down? Read This

If you are waiting for prices to get cool down in housing market and then make your purchase, consider the fact that in May 2017, Home Price Index for all residential properties in Metro Vancouver increased 8.8% over May 2016. Even if you had been able to make your purchase in April instead of May 2017, you would have saved about 3% of your purchase price! In a $1,000,000 property, it is $30,000 which is a hugely considerable amount.

It is a hot market already, even though Summer has not started yet.
23% more properties were sold in May 2017 compared to April!

You won’t be surprised if you realize that last month’s sales were 23.7% above the 10-year May sales average and is the third-highest selling May on record.

The buyers had the opportunity to choose from more than 6000 properties which just listed in May. Although more than 4300 properties were sold in May, the good news in that there are still more than 8100 properties currently listed for sale on the MLS® system and every day new listings are being added.

However, if you are looking for condos and townhouses, you should get the initiative in the market, because 76% of listed townhouses and 95% of condos listed in May were all sold! You have more leeway for detached housed though to choose from because 53% of house listings in May were sold in the same month.

If you are waiting for prices to get cool down in housing market and then make your purchase, consider the fact that Home Price Index for all residential properties in Metro Vancouver increased 8.8% over May 2016. Even if you had been able to make your purchase in April instead of May 2017, you would have saved about 3% of your purchase price! In a $1,000,000 property, it is $30,000 which is a hugely considerable amount.

Who knows about June then?