Bob Moore

Real estate at its best.   Everyday.   Everytime.

call: 604-506-8965

email: robertmoore@shaw.ca

call: 604-506-8965
email: robertmoore@shaw.ca

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June 2018 Market Changes

Sometimes the market changes on a dime, that happened just this month. 


The market for all property types and for all price ranges under about $ 3million is basically flat! There is also some softness to pricing in some but not all situations. I do not expect prices to rise anytime soon. 

 
Condos and townhouses are experiencing mostly balanced market conditions now, however, that is not what the statistics say. The stats say its still a sellers market, but that is not what public sentiment says. For the time being, public sentiment is winning out.  


Take a look at the sales figures below over the last 3 years. It looks like 2018 will see even fewer sales than was reported in 2017. Before you guess that it must be the absence of forieign buyers, that's only partially true. What's having the biggest effect is the mortgage stress test which took effect this year. The the banks are bound to follow the new mortgage stress test rules. This is the one government policy change that is having the largest effect on the market this year.  

All the BC Government's new taxes and policy changes are mostly affecting the very high end of the real estate market. However, BC's unpopular and widely misunderstood "Speculation Tax" has succeeded in creating confusion, unknowns and uncertainty and that is not usually good for markets. 


COMPARE ANNUAL HOME SALES

Detached Houses:

2015

2016

2017

Vancouver West Side

2,031

1,591

1,058

Vancouver East Side

1,943

1,494

1,394

North Vancouver

1,481

1,282

1,048

West Vancouver

1,075

834

509

Richmond

2,364

1,660

1,280

 

Townhouses:

2015

2016

2017

Vancouver West Side

888

710

631

Vancouver East Side

568

441

482

North Vancouver

522

463

413

West Vancouver

62

45

42

Richmond

1,321

1,043

1,181

 

Condos:

2015

2016

2017

Vancouver West Side

5,457

5,181

4,688

Vancouver East Side

1,844

1,704

1,845

North Vancouver

1,338

1,271

1,283

West Vancouver

207

223

203

Richmond

2,058

2,560

2,490


 


 


 


 


 


 

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