The February housing market in Kitsilano saw a continuation of the two trends that began in January:
- A steady rise in inventory (active listings)
- An increase in sales activity
As we enter into the Spring season, which is far and away the most active time of year in Kits, look for both trends to continue before tailing off in May. The relatively balanced market that is now present should continue, as the increasing inventory levels will offset the rising demand.
The recently announced decision by most major banks to hold conventional mortgages to 30 amortizations rates as well as unconventional mortgages will impact the purchasing power of some buyers after March 17, but this impact should be fairly muted for the time being as rates remain low.
Embrace the brisk pace and increased selection that the next few months should bring, and get out there and enjoy the early days of Spring!
Last modified: March 10, 2011