One of the most common rebuttals when asking clients about the prospective idea of selling their home is “where will I go?†There is no doubt that homes are peaking at the highest prices we’ve ever seen in this city. What’s more, the media is constantly writing about the red-hot market, to the point where Vancouver real estate has become a focal point of attention in the world. But is there really nowhere to go if you sell your home? To the contrary, I believe now could be the best time to divest of your property. Here’s why.
The Real Estate Board of Greater Vancouver (REBGV) released data demonstrating a shift in the market. June’s property records show that there was a decrease in home sales of 18.6% year-over-year in June. Now, this doesn’t mean there is going to be a crash, it simply demonstrates that June 2016 wasn’t great comparatively speaking. Of course, the media has jumped to conclusions with headlines alluding to a market crash. As economists suggest, there needs to be a few more months of data to make a concrete rationale behind why the numbers were lower in June 2016. What we know is there is a twist in the plot, and it’s important to keep an eye out for other warning signs of a cooling market.
Furthermore, Vancouver is becoming dense. That’s the plan, anyway. We are seeing an increase in market supply, and we will continue to see densification through the rezoning of properties. Without effective transportation, this will be a headache for city dwellers. The Grandview-Woodlands draft that came out June 25,2016 is a prime example. Where single family homes currently sit west of Commercial, the plan calls for the crafting of six-storey buildings. Driving in the city has become a grueling task and will continue to worsen with increased bike lane proposals and a lack of appropriate measures to rectify transport density.
Lastly, it’s important to note all the great homes on the market that are fully actualized. While your property has latent value, there are many new homes that have been built recently to their full potential. Why not allow your home to be sold above market value, reap the gains and move into a beautiful, new home – be it a townhouse, apartment or suburb home.
In the end, it comes down to priorities and what works for you. Moving is big decision and buying a new home is an investment that shouldn’t be taken lightly. But what must be considered is the option.
