Maybe it is just a coincidence that the Bard comes to Vancouver in mid-summer, and this too coincides with the yearly slowdown in number of sales. I guess that we, as a group, are a little more distracted during this period than “prior to” or “post”. An opportunity for buyers? I believe that it may well be.
Consider the property that is listed just as (or shortly after) this “distracted” period begins. If we have been used to seeing sales occurring in the first 2-3 weeks, it is possible that a 3 to 5 week “lack of success” may make the seller more amenable and lead to a mini “buyers’ market”. Do we then, as buyers, have a few more weeks of “opportunity”? Does this also mean that sellers, who do not have to sell, should wait for post Sept 1? BTW, your scribe may have added to the malaise as this is being penned on a return flight from San Francisco after 4 days away. I guess cousins will get married. The bigger discussion (argument) regarding waiting (or not) is clearly the conviction as to the strengthening or softening of prices – or as we all know, the extent of supply and the power of demand. Current supply (see figures below) is clearly on the rise and demand may well be temporarily distracted. Will refocused demand (buyers) be likely to absorb the extra inventory and permit price levels to be maintained (or grow)? What I believe is that (ignoring the minor peaks and valleys) North Shore demand will continue to be strong in the medium term; and, yes, supply will once again settle down. Prices in our North Shore hamlet? Stable (plateauing) to gently rising as 2006 draws to a close. Those who read last month’s update will probably be of the opinion that Shakespeare is featuring too prominently. This too shall abate once the Bard leaves the beach and our mid summer nights supply us with cooler dreams! Oh yes, and may the balance of your summer be just As You Like It!
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