Kitsilano Condo

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Fewer condo sales expected in Kitsilano in 2010

The British Columbia Real Estate Association (BCREA) has released two forecasts for the rest of 2010 and next year.  Those forecasts call for a decrease in volume on MLS by 7 percent to 79,500 sales this year and a 5 percent increase to 83,400 in 2011. The BCREA had previously forecasted during their second quarter forecast, a 3 percent decrease for the later part of this year.

This decrease and then increase next year in sales in expected to reflect the overall economic performance of the province, following its rapid recovery and fast pace after the recession. 

A larger inventory of homes for sales has currently turned popular Vancouver neighbourhoods like Kitsilano, Fairview, and downtown into conditions more favourable to buyers. Buyers at this time have more room to negotiate than Seller’s do to set prices.

Some experts believe this will however be short lived as the number of new listings peaked in May and are beginning to wane.  If continued this would put the Vancouver real estate market in a more “balanced” conditions come fall.