Since the real estate market crash in 2008 it's been a somewhat rocky road for the real estate industry in Canada, but how rocky that road is depends on where you're living. The Vancouver market has really done quite well to recover, taking only around two years to bounce back to the all-time highs that were experienced just prior to the crash, and now average home prices are hovering around that level. So what is the current outlook for the Vancouver market?
Vancouver Real Estate Market
Supply and Demand Whether you're debating the real estate industry or any other industry, supply and demand is usually the driving factor behind the economy. If there are too many homes listed for sale and not enough buyers, the market becomes stagnant and hence prices will drop. On the flip side, when there are too many buyers and not enough homes for sale prices can be inflated because we end up with bidding wars - when multiple buyers want the same home. This scenario sounds good for those people who are selling, but overall it drives up prices well above the average and can ultimately have a negative effect on the market.
