I always find it interesting how quickly market sentiment shifts.
Barely three months ago we were still in the midst of a heated buying frenzy. Money was cheap and confidence in our market was high...buyers were frustrated at the speed of the market and the lack of supply
A few short months later and, if you are watching media reports, you'd be convinced that the bottom has fallen out.
...and while market sentiment is definitely downbeat, the market hasn't fallen apart. There is most definitely a change in buyer sentiment. Caution is in the air and the fear of missing out (FOMO) no longer enters the equation.
Buyers in todays market are finding an opportunity. Putting money to work carefully when they find good value...and enjoying a lack of significant competition.
But that caution is having an effect...particularly on buyer demand. In June sales (713) in Vancouver were down 31% from the 10-year average (21% from last month and 33% from last year).
Sellers are being cautious too. There's...