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What to Expect in 2017!
In 2016, we had a record breaking first half of the year and then a shift in the opposite direction for the last half. In Greater Vancouver there were 26,439 properties sold in the first six months and 14,441 sales in the last six months of 2016. The Fraser Valley the story was similar. January 2017 started with 6,109 properties on the market compared to 6,173 at the beginning of 2016. So while demand declined through the last half of the year, an accumulation of listings for sale did not happen. The Home Price Index showed that prices across the region declined in the last 3 to 6 months of the year.
Greater Vancouver is Very Much a Regional Market
Not just in regional or geographic terms but by price range and by home type. Vancouver has to be one of the most complex, diverse and interesting markets in the world with all types of housing and prices ranging widely from a few hundred thousand to over $75 million.
Here is my Prediction for 2017
Supply will be restricted and that will change very slowly. Detached housing will continue its gradual decline until the late spring and then balance out. Strata title properties to remain flat with reasonable to strong demand. Buyers will continue to move en mass, hopping on and off the fence to either buy or not at the exact same time. Despite all government tampering, our markets are only driven by supply and demand. With BC's strong economy, with 300,000 immigrants entering Canada each year, all need a home, most end up in Ontario or BC. There is little any government can do about property prices in Greater Vancouver without either increasing the supply of buildable land or making existing land more accessible.
Real Estate Resources
Whether you are buying or selling your home, using a real estate agent is a smart decision. Take the stress out of your real estate transaction, use the resources on this site to help get you started in the process. If you have any questions please don't hesitate to contact me.