When Was The Bottom On The Vancouver Housing Market?
January 31st, 2010 | 
Author: When Was The Bottom On The Vancouver Housing Market?
For the individuals that pursue the Vancouver housing market regularly it was a rollercoaster ride in terms of pricing and volume of transactions. The Vancouver housing market made its pinnacle on 05/0806/08. Since that time on all we have observed is downfall in activity. This lasted all throughout winter of 2008. The purchaser seemed extremely afraid in pulling the trigger during this period. The global monetary situation looked very ambiguous and also the US our largest trading partner was going through a recession. Sure enough Canada experienced a full out recession as well. The housing market in Vancouver went through price adjustment. The market hit lows in JanFeb 2009. The Vancouver housing market went down about 15 percent from the peak.
The fact about getting to the lowermost of the market is that we will never know when we are there. We can only realize that we have hit bottom once the bottom has gone. It is extremely amusing to observe how people mentality works in this situation. When the Vancouver housing market is reaching lowest point everyone is is outside looking and waiting for a bargain. The sellers are able to cut a deal and come down in price. Still the purchasers be reluctant because they are anxious the market will go lower. At the point thatthe market changes and drifts up all of a sudden everybody is hastening to get in and accelerating the prices higher. Purchasers check out at the homes with a air of scarcity and they stop hesitating. Buyers and sellers at the same time follow the news and read the newspapers and up we go. The mentality of the seller changes to “I must get my price” “I’m not pushing down the price”. The buyer is sitting and saying “I can pay grater for this place” especially when there are competitive offers.
Altogether the market is very periodic in nature and utterly describes human mentality. Whether it is the real estate market or the any type of market similar conventionalities come into play fear and greed.
The Vancouver housing market is now on fire again with fewer homes available for sale and buyers battling to enter the market. Selling prices are on the way higher again and there is not much anybody can do about it.
For balanced knowledge on the market visit this website.
About the writer: Franko has 15 years of experience in the real estate market. He has studied different price actions in different cities. His expertise relies in properly describing and commenting on the real estate industry.
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