Market Update: February/March 2000
Well we're all set here in the real estate community waiting for someone to pull the trigger. No, not like that. On the Westside/Downtown Vancouver everything is set for the millennium to kick off with a bang. Supply is continuing to shrink in both the condo and detached markets. Interest rates are creeping up but are still affordable for local buyers, as are the prices. The pent up demand, especially from empty nesters waiting for the right time to move into the condo market, is enormous. Everything is set. So what is the trigger that will re-energize the market and allow prices to rise (in real terms for the first time in over 10 years)? Best guess - renewed optimism and confidence in both our local and global economies. Many believe that is less than a year away. In short 2000 is not the year to sit back and wait for others to make the smart move.