Kitsilano Condo

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Kitsilano home sales expected to ease off

Royal LePage’s second quarter Vancouver forecast anticipates a reduction in home sales in the second half of the year. Reducing sales coupled with increasing inventory it states will lead to a drop in the price gains experienced earlier in the year.

Sales in Vancouver and Kitsilano were “front loaded” into the first half of the year,  pushing benchmark prices to new records. Though a price correction may occur Royal LePage anticipates home prices to remain approximately 10 percent higher than they were by the end of 2009.

Kitsilano real estate experienced a frenzy of activity in the fall of 2009 and early 2010 like most Canadian housing markets. Though 2009 was unusual in its pattern due to the recession, 2010 seems to be following a more typical seasonal pattern of having sales and prices peak in the second quarter.

An increase in the supply of homes and moderated demand can be seen as a positive to home buyers as it creates stabilization in prices and more healthy sustainable market conditions.