Welcome to 2010!
Last year at this time, uncertainty from the financial sector spilled over into every facet of the economy. The housing market was hardest hit as buyers and sellers froze in fear of whatever bad news lurked around the corner. However, by April, it looked as though the worst of the crisis was over, and pent-up demand, especially amongst first-time buyers, began to thaw the frozen housing market.
Fast-forward to today and it’s almost as though the crisis never happened. In many areas, prices are back up to pre-financial crisis levels, and multiple offer situations have been occurring throughout the winter months – traditionally the real estate market’s coolest period.
This year, we are expecting that momentum to continue as the strength of the winter selling season moves into the traditionally stronger spring. The continued ascension from this most recent recession is expected to be a positive factor in the market, as will Canada’s new Approved Destination Status with China. In addition, there is mild optimism that the seven-year build-up to the Olympics will translate into greater economic activity throughout Western Canada, although the jury is still out on whether this will affect house sales activity or prices.
Regardless, 2010 is shaping up to be an interesting year on a number of fronts. I look forward to answering any questions you may have.