Fall 2016 Update
After a blistering hot seller’s market for the last year or longer the Greater Vancouver market has cooled a bit as it digests the provincial move on foreign ownership and changes to mortgage rates and qualification rules. While I disagree with how the new taxes were implemented they certainly have impacted single family houses in the targeted areas. Supply is up, sales are down and it appears to have moved into Buyer’s Market conditions in most Vancouver areas.
Attached Condos and Townhouses have been much less affected with lower year over year supply levels evident. Demand is still strong and a Seller’s Market is still in place, albeit at a slightly less frenetic pace. Meaning buyers are not always up against multiple offers and some subject offer’s are being accepted! A rarity over the last couple of years.
Prices seem to have stabilized since August. Supply and the interest rate environment will determine whether or not we will see a price decline going forward. It seems unlikely to me at this juncture at least in the lower “affordable” price brackets. As always, Greater Vancouver is bounded by Mountains, Ocean, and the US Border and the demand to live here is unlikely to wane anytime soon.
That being said, the rainy dreary days of November through February are traditionally good times to find individual properties at near or below market pricing. Motivated sellers often want to deal with a property by year end and any home looks less lovely in the dark and rain.
As always, a flexible buyer will also find pockets of value in their second or third preference locations. Unbelievably some property classes/neighbourhoods have barely changed price wise for years. Not many, but it bears digging through the stats to find them.
Please feel free to ask me for further information on any of these ideas or forward them to a friend,