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Posted October 10, 2008 by Adam Toren in Vancouver Real Estate
 
 

Geese and Crane

The other day I noticed a flock of geese forming their familiar V-shape, another sure sign that fall is upon us. Also when you look on the horizon in Vancouver, you can’t help but notice the construction cranes, especially around False Creek and what will be the athlete’s village for the 2010 games. The redevelopment of former industrial areas, in particular False Creek and Coal Harbour and along the SkyTrain (notably Joyce Station) has added thousands of housing units and the new 19km Canada Line will certainly change the look and feel of the Cambie north-south corridor.

People want to work, play and shop close to home. It is rare to find a new building that doesn’t have commercial/retail space on the bottom, probably topped with townhomes and then a tower. Commercial space is limited in the downtown core and in many cases commercial realtors are having difficulty meeting their client’s needs. Throw in the price of gas, Vancouver’s green consciousness and finally a transit system close to your doorstep and the city continues to evolve.

Some are saying “Listings are up and prices are falling! Who are buying these places?” The answer is young people entering the market or older folks downsizing. A better question is “Who is buying THEIR homes?” I’ve talked to realtors from the Island through to Manitoba and homes priced $900K and up are sitting unless they are priced sharply. Price reductions are common. Buyers are being more selective. More listings and fewer buyers = falling prices. It’s a great time to be a buyer

-Allan


Adam Toren

 
Adam Toren
Adam Toren is born and raised in Vancouver BC and loves everything Vancouver BC has to offer. He loves traveling and exploring new and unique restaurants and places around the world.