According to the recent report from the FVREB, the local market experienced the strongest August since 2011.

 

More than 1,300 sales were processed in August, a 3% increase over the same month last year.

 

According to Ray Werger, president of the Board, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”

 

Here are a few of the report highlights:

 

- Single family homes continue to outpace sales of townhouses and condos

 

- Many first time home buyers are skipping condos as a first- time home purchase and proceeding directly to townhomes and other larger properties

 

- The benchmark price for detached homes in August was $569,800; for townhouses it was $298,200

 

To view the full report, click here.

 

Are you a first time home buyer? What do you hope for as your first home purchase? Or are you a seasoned home buyer looking to move up the property ladder? I can help you find the area that's right for you and get you a home you'll be excited about. Contact me today!

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In a recent report by the REBGV, population growth has been forecast for the coming decades. So what does this mean for the real estate market?

 

By 2041 the Lower Mainland's population is estimated to have grown to 3.4 million, with annual growth of 30,000 new residents each year. Within Metro Vancouver alone an estimated 574,000 housing units will be required. The majority of this population growth will occur in established urban areas, meaning an increased population density in many neighborhoods. This will come in the form of "secondary units and accessory detached housing, ground oriented duplex/ multi- unit structures, row housing, and apartment developments".

 

Consider where you currently live now. How will this affect the quality of living & infrastructure? Are there investment opportunities for you and your family?

 

To read the full article by the REBGV click here.

 

If you have questions about how increased population density can affect property values, present investment opportunities, or impact areas you are interested in moving to, contact me and I will be happy to answer any questions you have.


Image Source: Daily Mail

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