2013 will prove to be a challenging yet exciting year when it comes to Real Estate in our beautiful part of the world. Yet again I still stand firm on my belief that if you are going to buy then the time is now and no other time will be better. I always get asked the question: "When is a good time to buy?". To be truthfully honest, the answer to that question is: "10 years ago." Since we cannot go back in time, the best time to buy is now, when you are ready, when your finances are ready and when you are excited about a new life in a new home.
In the meantime, here are some interesting issues when it comes to the past year and the future of our beloved city.
1. The housing market endured 10 year lows last year when the market downturn happened. This has pros as well since the lending market had to follow the housing market. Since more people are reluctant to part with their money or bite off more than they can chew (comfortably) interest rates are at all time lows! When you can get a 10 year mortgage at around 3.99% that is almost unheard of. Looking at the light in the dark.
2. Georgia and Dunsmuir Vidaducts may or may not be removed to allow for additional park land, community gardens and possibly a beach on the North East corner of False Creek. This will be a big move for the city. The underused viaducts were built for an age of highways that was supposed to go through the downtown core, but was abandoned after they decided otherwise. The city will have to invest many millions of dollars to repair and maintain the underused roadways and has opted for other options in regards to the land in the area.
3. Marine Gateway sells out within hours. This new development right at the corner of Cambie street and Marine Drive in Vancouver's southern area has shown the amount of people interested in housing that is close to mass transit. These 415 units are gold mines when it comes to being next to one of the newest and brightest transit additions in a long time.
Well I hope this is some food for thought. Keep your Real Estate search going and call me anytime to talk!
Hope everyone had a good Holiday season and a wonderful New Years. Check out the latest Real Estate Board of Greater Vancouver's update to the housing market in December 2012. The REBGV has wrapped up the year and hopes for a better market turn around in 2013. If your still on the fence to buy, the time is now! Look around, you don't see a lack on construction and there is only so much space in the Lower Mainland.