Wow! That was one wicked, snowy, cold (record breaking) Winter here in Vancouver! Now, we may see a more enjoyable Vancouver - maybe some Sun? The Vancouver Real Estate Market seems to have found a sort of Spring as well, recovering & “normalizing” - i.e. normal for Vancouver. The 2nd half of 2016 was a dismal, depressing time for Vancouver property sales, but I predicted that our market would ..”pause, adjust, suck it up, & keep moving” - & that seems to be happening.
March 2017 saw West Side inventory & prices equal to March 2016, while, on the East Side, sales were down only 25%, & average prices were dead even. Vancouver is experiencing a healthy, normal market, & a robust Sellers’ market at some price points, & for condos. Most market impediments largely due to stringent, Kafka-esque, mortgage lending policies by Banks & major lenders.
Politics remains the “elephant in the room” & the 15% Non Resident’ tax is still a fresh memory - even though the gov’t has eased that policy & has also introduced other Real Estate friendly initiatives. The May 9 Provincial Election may also have a sobering effect on the Market. Demand, however, isn’t the problem as Vancouver Real Estate continues to be regarded as great value by locals & the international community. Look to see the market continue to strengthen (barring a catastrophic Election outcome) as we move through 2017. Call Bob Bracken anytime to discuss this topic and real estate.
If you are looking to sell or buy real estate or wish to discuss further any topic on Real Estate, please contact Bob Bracken at 604-220-2035 cell, 604-263-2823 office, or firstname.lastname@example.org email.
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