Historically, our Greater Vancouver real estate market “peaks” with May being the busiest month of the year. Looking back over the ten-year sales pricing trends, we see again and again the crest rising in May before falling off for summer. The big question on many buyer’s minds is “will the warmer weather bring on a cooler housing market this year?”
Statistically, the answer is yes.
If you have been looking to buy in or around Vancouver, you have already discovered the Vancouver housing market is not for the faint of heart. Or if you have given up and abandoned your home search altogether, now just might be the time to reconsider and start paying close attention.
One of the largest challenges of the summer real estate market is it is a very short season. While spring generally has a long lead up and crest lasting almost 5 months, the summer downturn lasts just a few weeks before things pick up again for fall.
The biggest hurdle for buyers seems to be once the pace of the market eases off many get nervous and miss their opportunity, wondering how long the slower trend will last. It is, of course, much easier emotionally to buy in a frantically increasing market than a market that seems to be slowing down.