As a specialist in the Vancouver condominiums market, I keep a close watch on the housing trends. In January 2008, Vancouver condominium sales increased, representing a trend over the past decade towards growth in this market. Apartment sales rose 11.7 per cent to 860 sales in January 2008, compared to 695 sales in January 2007. Although town home sales and detached homes have continued to be steady, more consumers are continuing to buy Vancouver condominiums. I believe this could be due to affordability factors.

Additionally, the economy still posted healthy growth in the third quarter of 2007, but there are some signs that economic activity is abating. Most importantly, the export sector has been hit by the sharp slowdown in demand from the US, Canada's most important trading partner. About 25% of Canada’s GDP comes from exports to the US.

However, small businesses continue to make their mark as a key instrument of job creation and economic growth, accounting for 98 per cent of all businesses within British Columbia. Small businesses support the local economy and in 2006, 370,700 small businesses were operating in British Columbia, representing 57 per cent of private sector jobs. Between 2001 and 2006, the province’s small business growth was triple the national average and at 11.2 per cent.

Furthermore, the Bank of Canada recently cut its interest rates twice by a total of half a percent and has indicated the need for further cuts in the near future. This would help in reducing the overall mortgage costs. For buyers of Vancouver condominiums, that means increased affordability. With the lower mortgage rates, strong trend towards purchasing apartments and job creation factor of the small business sector, I believe Vancouver condominiums are likely to remain buoyant.

Thinking of buying or upgrading? For Vancouver condominiums, call Chris Tioseco at 604.618.6314 or email chris.tioseco@shaw.ca to find the best opportunities today in the housing market and gain knowledge from his personal insights.