Market Update

January 2012

Happy New Year!

I hope you have all recovered from the holiday season and are back into the swing of things to start 2012 off on the right foot.

The December stats showed the expected dips in sales volume and new listings we would expect for this time of year and the numbers were consistent across the board. So, rather than looking back this month, let's look forward to what we can expect in the coming year:

(1) Look for a strong start to the year. There are a lot of eager buyers out there looking for good product and inventory levels have disappointed many of them the past few months. They are ready to buy if they can find what they are looking for.

(2) Listing inventory will climb. And it's about time. Those eager buyers from the previous point should finally have some options to choose from come February.

(3) Mortgage rates remain low. Likely right through to the end of the year and possibly beyond.

(4) The chaos in the global markets will not have a huge impact in Vancouver... yet. I would bet that we make it through the first half of the year unscathed. I will have to re-evaulate as we move forward before making any predictions beyond that point.

(5) 2012 will be a great year. Make it so!

Ben