Kitsilano Condo

Kitsilano condo and home sales to slow for remainder of year but increase again in 2011

Waning demand, upwards pressure on mortgage rates and tighter lending restrictions will moderate consumer demand for condominiums and homes in Kitsilano this year.  Improving economic conditions in Vancouver are expected however to counter balance some of the erosion and stronger economic and employment growth next year will push home sales higher.

According to Cameron Muir, BCREA chief economist, home sales this year and in 2010 will reach their 10 year average.  Muir goes on to say that prices are expected to have risen by 10.7 percent in Greater Vancouver by the end of 2010 and remain relatively flat (0.4percent) in 2011.

Price growth has occurred in the  Kitsilano real estate market over the last three quarters but if demand continues to wane and supply increases we will see less upwards pressure on prices and enter into more balanced conditions.