As you have heard before about a myriad of other opportunities in the market, timing is everything. Not more so as in the Real Estate market. The question then is when should one buy a house in Vancouver? Is it when you see the top Vancouver MLS listings drop their prices?
Well expert realtors tell us that over the long term, properties in Vancouver and Fraser Valley are on the up swing. This is because of the increase in population and even on foreign purchasing of homes, specially in the west and east side of Vancouver.
So, we come back to the basic question, when do I buy my home? Well you can contact real estate agents. They have a finger on the pulse of the market and will usually have a nose for changing trends in prices for properties. Remember that they have access to the offers people are making for properties a long time before the actual purchase of the house comes through. This indicators will give them a sense of a rising or falling trend.
If you are looking to buy now, the best time to do it is during Spring and Fall, this is when top Vancouver MLS listings will show a decrease in prices. In contrast buying in Summer or Winter will cost you more. This is not yet confirmed however, since the data that appears in weekly publications show a fairly random distribution of prices over the whole year. What is very well known to realtors is what happens during December.
If you are lucky enough to have a good down payment you can look up sales that go on during December. Usually the sellers are willing to let go their property for less than in any other month because they might be looking to offload the property before they have to pay taxes and because other buyers are preoccupied with the holly days. Keep an eye on the top Vancouver MLS listings for confirmation of December property sales.
Another consideration you should bear in mind is the timing when you are planing on buying condos. Is it better to buy before the construction has ended or before? Well the easy answer is always wait until the condo is finished. This might sound counter intuitive since prices can rise when the condos are finished so, you’ll get a bargain right? Wrong. Developers almost always make you sign a contract with a clause that allows them to charge more if materials or real estate in general increase in price.
Timing issues can also extend to buying a house after selling your old one. Many Canadians will move once ever five years at least, so timing here is very important. If you don’t want to take out a bridge loan you’ll have to hire a realtor that can time both the purchase of a new property and the sale of the old one with military precision. Remember as well that a house is only an investment if you wait long enough for your equity to grow. If you sell a house before your investment starts making you money, then there is no real reason to buy a house.