Several factors influence the East Van homes market, including inflation, investment, construction, employment mortgage interest rates, immigration, etc. Each of these affect the supply and demand of real estate properties in one way or another, and in so doing, affects prices as well. There are three classifications that real estate experts use to describe the supply and demand situation in a particular housing market.
Seller’s market—when there are more potential homebuyers than there are properties available.
Buyer’s market—when there are more properties available than there are interested buyers.
Balanced market—when supply and demand are just about the same.
Currently, East Vancouver, along with the rest of the Hollywood North is experiencing a buyer’s market. According to CTV News, while a single family detached home in Metro Vancouver cost $1.5 million last month, the same properties today are selling for below $1 million, with one that sold for $560,000 below the initial asking price. Read more from this blog: http://bit.ly/2luGq2s