Jun 17 2009
Vancouver’s real estate market appears to be unaffected by the laws of recessionary gravity. I’m already in the process of selling my own condo this week, so I’ve been paying a lot of attention lately to the land rush fever that seems to have gripped this city.
The buzz from the Twittersphere tells the story:
YouthJuiceBC: The real estate market is rising. My listing just went into multiple 5 days on the market and way above list price!!!!
AderaHome: May 2009 Vancouver Real Estate Stats: GOOD times ahead
westcoasthomes: Real Estate market in Vancouver is becoming Hot again. Homes are selling fast and in some communties the M word–Multiple Offers!!!!
Undoubtedly, over-exuberant realtors catching their breath after months of hard slogging are adding to the frenzy with some strategic propaganda. But there are some other big reasons why people in Vancouver are buying houses, or closet-sized condos, once again:
5 Reasons for the Vancouver Real Estate Land Rush of 2009
1. The Olympics are coming. Nuff said.
2. Historically Low Cost of Borrowing Money for a Mortgage. They aren’t going to get any lower. Actually, they just went back up. Savvy buyers may have been able to pressure brokers to lock in the best rates for a little while longer, but those agreements won’t last long.
3. It’s Just That Time of Year. As it was explained to me, May and June just happen to be stronger months for real estate sales year after year. Nice weather is getting the people outdoors, where they can notice those open house signs.
4. A Variation on the Duddy Kravitz syndrome. If a man without land is nothing, then a man with land in Kitsilano is really something else.
5. Sustainability and Livability. Vancouver’s unique geography, eco-minded culture and a fortuitous foundation of good urban planning has made this city into one of the most livable metropolises in the world. Really. We’re not exaggerating, rest of Canada. It’s just that nice over here.
In case you were wondering about the condo I’ve put on the market, you can see the details and the pretty pictures in my real estate listing.
UPDATE 20 June 2009: My condo was shown on CTV news today. On the CTV site, click on St. John Alexander on Real Estate. See Leroy Patterson wandering around my living room. Thanks, news team!