Newsletter May 20, 2009
Issue 4
May 20, 2009
Energy Returns to Real Estate Markets
Gerry Halstrom
It’s been an interesting few weeks. I returned from a 2 month trip to Asia on May 1st. Leaving in early March winter was still in the air and Vancouver’s weather mirrored the cold and dark Financial & Real Estate Markets. Real Estate sales volume was down considerably and lending was very tight. It was a good time to leave!
Since returning it’s clear that spring is in the air. Markets across BC and even into Washington State are returning to better than normal sales conditions. Sales volume throughout the Greater Vancouver area is quite strong right now. Ron Williams, Sales Manager at Nanaimo’s Downtown Coast Realty, told me last week his agents are experiencing a strengthening market. Realtors are busy again with Buyers taking advantage of good inventory and low mortgage rates. What a difference from just a few months ago.
I predicted last December that this summer’s real estate market would be a good one, that much of the financial storm of last fall would be nearly over and that many British Columbians would be anxious to get back to their previously scheduled lives. Now, for the majority of BC’s citizens life is moving on. Young people want to move out on their own, people are getting married, babies are being born and new households are being created. Inexperienced or financially weak developer’s and their marginally viable projects are gone, but solid, well funded and, most important, well located developments are moving forward. And as every successful real estate mogul will tell you the three most important parts of a good real estate investment are “Location, Location, Location.”
Gerry Halstrom
Gerry Halstrom is a well known Vancouver based real estate broker and a frequent commentator/speaker on real estate markets and marketing strategies. He has been a guest speaker at Ozzie Jurock Real Estate Seminars, appeared on BCTV and other media outlets, and lectures for the BC Real Estate Association and Real Estate Boards throughout BC. Gerry is the senior marketing advisor to TiGERi Properties Group.
