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After a year of falling demand and slowing sales, Greater Vancouver and surrounding communities have seen sales of residential properties move higher for 3 straight months. With only a 2-3 month supply of inventory, many local markets are seeing frequent Multiple Offers, indicating that Sellers have priced their homes to sell in today's bouyant market. Will this trend last? Many industry obervers believe that it will due to continuing low available inventory, increase in Buyer demand and a stabilization of low interest rates. 
Should you buy now or wait? Have interest rates bottomed? 
Consensus is that as the Canadian economic outlook continues to show some positive signs, interest rates may edge lower and then climb towards the end of the year. That said, Residential home values are predicted to rise 6-8%+ this year, so waiting to catch the bottom on rates may cost you in the end. Here are some up to date comments on recent activity around Canada: 
"The re-emergence of sellers' market conditions has exerted upward pressure on home prices," said Jason Mercer, TREB senior manager of market analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."
Western cities witnessed similar gains with sales in Calgary rising 27%, but prices were down 6%.
"That's nothing compared with a 75.6% year-on-year jump in Vancouver sales, the second best June ever. This compares with declines of 50-70% around the turn of the year, with the housing market swinging from famine to feast in six months," notes Douglas Porter at BMO Capital Markets Economics. However, prices in Vancouver were down 8%. "If the June pace of sales is close to maintained, prices won't be falling for long."


Do you know what your home is really worth in today's market? Is this really a great time to buy?
With a 17 year track record of delivering proven results, your local Real Estate specialist is  TREVOR BARNETT  - Macdonald Realty. Buying or selling - call me today!  


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