Although we are still getting multiple offers on the lower end properties in the hot neighbourhoods (this means under $600k in east van in good areas and under $1.2 in the west side). Even on properties which just a few months ago would have sold in an instant, buyers are taking their time deciding whether to buy or not. On one of our waterfront recent sales, it had been on the market for months and then suddenly we had two offers on it! So there are still buyers out there-they are just in no hurry to buy.
The higher end properties are not as affected as the luxury market seems to be more insulated against the factors affecting the average buyer. However, now more than ever it is critical to price sharply-some overpriced listings aren't getting a single call.Greater Vancouver sales volume has dropped by 31 percent!
I have a waterfront home on the north shore which I have been thinking of selling but I don't think I will be at the moment....I am currently trying to sell a view house in the Okanagan-and of course the front page of the Sun today talks about how the hardest hit areas are the Kootenays and the Okanagan.....and apparently these were the hottest markets in the province last year....hmmmm...guess I should have sold it last year!