I'm sure you've already heard the news from the TV, Newspaper, Internet or friends that the Real Estate market has been HOT! Some of your friends have taken advantage of the market and made good profit from buying property last year. Now you want to jump on the band wagon and buy a property to flip and make 30%-40% return by next year. If this is your intentions you might want to think twice. It is hard to predict the trends in the Greater Vancouver Real Estate market because it depends on the global market and variable such as; Canadian Dollar value fluctuation and foreign investors, however we can sense where the market is going short term. We are noticing that there is lots of new listings for single family homes coming to the market and the number of buyers is shrinking. This could be an indication that the market might go sideways during the summer. However, the market is still very active for apartment and townhomes since lots of buyers are forced to think of strata properties given that the price of single family homes are out of their range.
Please see the table above for the price changes of Houses and Apartments in the last few years.