The stats have arrived for November and shows that consumers are having a growing faith in the market. Sales levels have been returning to traditional norms with only slight decreases in the overall pricing across greater Vancouver. The amount of transactions has been increasing over the past month and a low amount of new listings coming on the market (a 26.7% decrease from October). This may cause the effect of supply and demand to come into play and may increase prices in the spring market as both consumer confidence and demand will be a higher levels; however traditionally more homes hit the market in the spring so it may balance out. It truly depends on the amount of demand that is pent up from those trying to time the bottom of the market. While prices have been softening, the amount that they have been statistically dropping has been getting less and could indicate that this is the bottom. As with most purchases, if an owner stays with it for 5 years they usually end up even or up. Real estate is not generally a quick money scheme and does take time to build after all.
