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Canadian Real Estate...
In the past 5 years we have watched the real estate market come crashing back to Earth after years of incredible demand, incredible!!! Supply increased dramatically and buyers became scarce. As the economy began to recover the inevitable question began to dominate every real estate conversation, "have we hit bottom?"
There is no doubt that everyone wants to buy at the bottom and sell at the top, that part is a no brainer. Deciding where the bottom is, that's the real noodle scratcher. So we're left watching the markets and guessing, is this it? Maybe this is it? This must be it? Who knows!?!
Well, I can tell you one thing and that's my opinion. In my opinion, the bottom arrived and has passed. Housing sales have levelled off in recent months and the Canadian Real Estate Association (CREA) is reporting the market to be in "balanced territory" (http://creanews.ca/)
Recessionary history notes that a decline in the housing market is followed by a small increase and a levelling off prior to the next climb. Everyone wants to play on a level playing field. So, my opinion is that the bottom has come and gone, but that is a good thing for home buyers because the level is where you want to buy. Sellers remain highly motivated and developers, like us, are looking to build momentum and offering incredible pricing!
If you have any questions about BC Real Estate or specifically the West Kootenay market, please don't hesitate to contact me at your convenience.