Metro Vancouver home sales in 2018 were at the lowest annual total in the region since 2000. Sales of condos totaled 535 in December 2018, a 34% decrease compared to 1,028 sales in December 2017. The benchmark price of a condo is $664,100 which is .6% less than November 2018.
The market is changing.
Here are some interesting changes affecting our market ;
• Interest rates have increased which mean buyers qualify for less and can afford to pay less
• Banks have a 2% stress test, making it more difficult to get a mortgage
• Presale Centre’s have to report the original buyers names to the government so the profit can be
taxed on assignments, so flippers are less likely to buy presale condos
• People are reselling presales at purchase price with no profit*
• Vacancy tax, Speculation tax and changes in tenancy rules make investors less willing to buy
• China has made it much more difficult to get money out of the country
• BC Foreign Buyer Tax has sent foreign buyers to other cities, Montreal, Seattle and Sunshine Coast
(Gibsons, Sechelt and Powell River)
In this changing market its crucial to have a REALTOR® you can rely on and trust. We pride ourselves on honest, helpful advice guiding our clients in this new chapter of the real estate market. Whether you’re planning on Selling or Buying we want your business and want to talk.
Daniel Warren – 778-938-8577
Rachel Sadri – 604-349-6736