January Real Estate Market Update
Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.
Welcome to 2010!
Last year at this time, uncertainty from the financial sector spilled over into every facet of the economy. The housing market was hardest hit as buyers and sellers froze in fear of whatever bad news lurked around the corner. However, by April, it looked as though the worst of the crisis was over, and pent-up demand, especially amongst first-time buyers, began to thaw the frozen housing market.
Fast-forward to today and it’s almost as though the crisis never happened. In many areas, prices are back up to pre-financial crisis levels, and multiple offer situations have been occurring throughout the winter months – traditionally the real estate market’s coolest period.
This year, we are expecting that momentum to continue as the strength of the winter selling season moves into the traditionally stronger spring. The continued ascension from this most recent recession is expected to be a positive factor in the market, as will Canada’s new Approved Destination Status with China. In addition, there is mild optimism that the seven-year build-up to the Olympics will translate into greater economic activity throughout Western Canada, although the jury is still out on whether this will affect house sales activity or prices.
Regardless, 2010 is shaping up to be an interesting year on a number of fronts. I look forward to answering any questions you may have.
January 2010 Market Update
If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:
Simon Clayton 604-764-0711
Kristie Marsden 778-836-4389
Jason Low 604-790-5276
Sandra Ens 604-263-1911
Jenny Stephanson 604-675-6214
Jason Feinstadt 604-263-1911
MacDonald Realty 604-263-1911
