The Lenfesty Report March 2017

(April 03, 2017 )

How’s the Market?

Activity is very strong for apartments and townhouses, especially along the new Evergreen Line corridor through Burquitlam, Port Moody and Coquitlam Centre. As well as transit convenience, this part of the market is influenced by the new first time home buyer tax incentive and relative affordability, especially with rents everywhere continuing to escalate. There are not enough of these properties listed for sale to meet demand.
In fact, prices are up from last fall for condos and we are seeing multiple bids for sought‐after buildings. (There’s a good reason to work with an experienced REALTOR® – buying into a great building based on good advice will help ensure your property holds its value in any type of market condition.)
And, although we have fewer sales, prices for houses in Coquitlam and Burnaby North seem to have stabilized from the slowdown and drop in prices that started last May. Most detached home sales so far this year are below asking price, so we are back to negotiating price rather than over‐bidding; probably a healthier situation.
So the bottom line is – every situation is different, buyers have more time, and good pricing and negotiating skills based on experience can make the difference for both buyers and sellers.
Give me a call when you are considering a move.
Read more of the March issue of The Lenfesty Report