Blog by Patricia Houlihan - Personal Real Estate Corporation | November 8th, 2011
Where the buys are:
People keep asking me if there are any good deals in the current market. My response is that while prices are high in many areas, the interest rates are amazingly low and the market is much more favourable to buyers than it has been for years. There are still multiple offers on properties that are well priced but in most cases buyers now have some "breathing room" in making buying decisions. There are also many homes selling for significantly under original list price. Condos in Vancouver are in particular high supply-good for buyers, not great for sellers. So for those trying to get into the market by purchasing a principal residence, the buys are everywhere.
On top of the general buyer friendly market, there are also GREAT BUYS in:
-waterfront-when I purchased my waterfront home just over 3 years ago, it was quite difficult to get into the waterfront market. Supply was low, prices high and there were frequently multiple offers on the waterfront properties that did come up. Things have changed since then. There are some AMAZING waterfront buys available at the moment including homes with lots of space, in good condition, some with additional rental accomodation and private docks all for under $2 million-a relatively low price when compared to prices for some non-waterfront homes. I think this is one of the best times in years to get into the waterfront market.
-outlying areas-while areas in and close to Vancouver are not super bargains at the moment, investors are looking to other areas and finding great buys. For example, beautiful new lakefront condos in a luxury resort building in Penticton are selling for about 20-35% off of the original prices. The entire Okanagan seems to be very good value at the moment as do parts of Vancouver Island and other areas around the province.
If you are interested in taking advantage of any of these opportunities, please contact me and I would be happy to provide you with more information.