Such is the state of the world right now that by the time I’ve finished writing this piece it will probably already be out of date. For “live updates” please reach out to me directly anytime!

For the first time since I started writing these updates in the late 90’s, I would freely admit that the market prediction in my newsletter last quarter turned out to be wrong! The year began as predicted, with lower interest rates and renewed optimism drawing buyers back into the market. The underlying conditions appeared to be building towards a busy spring with the volume of sales increasing significantly and prices potentially following suit to come extent. That all changed when the announcements began from south of the border. I’m sure we’ve all heard and read enough about that already, so I’ll jump straight to how it is impacting things in the Vancouver real estate market.

As of right now, it has understandably created uncertainty more than anything else. However, transactions are still happening in the city and, significantly, more and more week over week since it started. Sellers with sufficient motivation are recognizing that they have to lead the market and shrewd buyers (entering or moving up the market) are taking advantage of the conditions. This means not only buying at more attractive prices than expected, but securing special properties, which would typically be fought over in a frenzy.

My current sense is that this window of opportunity, created by the uncertainty, will not last much longer. The underlying strength in the market here has not changed and both buyers and sellers are keen to move forward with their plans and lives. So if (and that’s a big if!) there isn’t another curve ball thrown at us from afar, I would expect to see a busy spring market still, but likely delayed into the late spring and early summer. We will see.

All the best,

Duncan