North & West Vancouver Real Estate has entered the "stagnant" portion of the historical sales cyle. This generally means there is very little motivation from either the Buyers or Sellers. During this time, prices can remain relatively stable even though there may be high levels of inventory and low levels of sales. The last time we had a "Detached Home" market that was stagnant, was the time period from 1995-2002. During this time, prices went up a net of about 20%, or about 2.5%/year. That was a far cry from the last 15 years where our net average inflation has been closer to a whopping 30%/year!
Coincidently, the mid 1990's was the last time the N.D.P. government took over power in B.C. Our market may remain on this sluggish pace until some form of incentive enters the mindset of either the Buyers or the Sellers. The "attached home" market is not in the stagnant portion of the cycle, and those looking to move into that type of accomodation need to be very careful about their timing, especially those trying to move down in value.
Changing Times!
Blog by Brent Eilers | October 16th, 2017