The last quarter of 2019 showed an increase in the volume of sales in almost every sector of the Vancouver market and a stabilizing of prices as a result in most. Only the very top end of the house market continues to see prices falling.
If you are a homeowner in B.C., you will doubtless have received your 2020 tax assessment by now. While it is likely to show a significant drop from the previous year, keep in mind that this is for the period July 2018 to July 2019, which almost perfectly bookends the most significant drop in the market to date. As described above, since September activity levels have increased sharply. The question as usual is what happens next! My sense is that it will continue where it left off before the holidays, leading to an earlier than usual spring market. I would like to think that prices in most sectors have now found their level and that maybe they will stay there for a while, but that may be wishful thinking. A period of steady sales volume, in a balanced market with limited price fluctuations in either direction, would allow the market to continue to function, while creating more opportunities for new buyers to enter the market.
If you are curious to see how the current market value of your home compares to the latest tax assessed value, even if you have no plans to sell in the immediate future, please don’t hesitate to reach out. I would be happy to provide you with my thoughts and professional opinion with absolutely no obligation.
Happy New Year!