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. So while demand declined through the last half of the year, an accumulation of listings for sale did not happen.
Greater Vancouver is Very Much a Regional Market
Not just in regional or geographic terms but by price range and by home type. Vancouver is a diverse market with all types of housing and prices ranging very widely.
Here is my Prediction for 2017
Supply to remain restricted and that will change very slowly. Detached housing will continue its gradual decline leveling off in the spring, but not really reaching a balanced market. Strata title properties to experience strong demand with price increases due to short supply. BC's economy is strong and diverse. Constuction is booming. With 300,000 immigrants entering Canada each year, most end up in Ontario or BC. There is little any government can do about property prices in Greater Vancouver without increasing the supply of buildable land.