Together with cities like Toronto and Montreal, Vancouver leads the nation in real estate markets that experience a continuous rise in prices and sales. Last June, “Vancouver saw its strongest month for house sales in more than three years,” CBC News reports.
The average price of a Canadian home sold in June was $413,215, the Canadian Real Estate Association said today.That figure is up 6.9 per cent compared to the average price 12 months ago.Beyond prices, sales themselves rose by 11 per cent in June compared to the same month a year earlier.On the price side, the national average continues to be a tale of two cities, skewed higher by booming markets in Canada’s two biggest housing markets — Toronto and Vancouver.
As the city currently enjoys a sellers’ market, you will need professional guidance in securing a worthwhile deal for the home of your choice, without succumbing to the pressures of competition. A trusted Vancouver real estate agent like Jamie Hooper can keep you in the right direction, and help you come up with offers that can secure the property you like without the risk of overpricing, or making a hasty decision.canadian home prices in june up almost 7 percentAssessing comparable propertiesHouses within the same location that have similar conditions and amenities to the property you’re eyeing can give you an idea of the price you should offer, and help you evaluate if the price tagged by the seller is reasonable. While doing these property comparisons, you may even come across houses that are still available and which you might find more attractive.Deciding based on property features and expected appreciationPaying over the asking price is common and can be worth it in a sellers’ market. House inspections or appraisals will give you a professional estimate of a property’s value, and identify any areas for improvement. The neighbourhood’s history and projections in terms of real estate appreciation can reveal signs of whether it would be wise to bid (e.g. when the cost and quality of living is good) or bail (e.g. when businesses are closing down).Working within your pre-approved loan and deposit capacitySellers will weigh your commitment and intent to buy through a mortgage pre-approval, and payment of an earnest money deposit. Licensed Vancouver real estate agents can help you secure the pre-approval and gather the necessary documents for this process. The professionals will then guide you in coming up with a fair purchase offer that would be attractive to the seller.(Source: Canadian home prices in June up almost 7% to $413,215 average, CBC News, July 15, 2014)