Vancouver Real Estate Market Statistics For December 2017
The last quarter of 2017 saw a higher volume of sales than is typical in Vancouver for the time of year. Condos led the way again, with the lower price ranges seeing the greatest demand from buyers, impacting both sales volume and prices. An additional incentive to buyers in the final few weeks of the year was securing conventional mortgage financing prior to the new regulations which came into effect on January 1st 2018. We outlined these in depth in our last newsletter, but if you have any further questions, please don’t hesitate to get in touch.
As for 2018, our best guess from the trenches (sans crystal ball) is that while the market may take a little more time to settle into life under the new regulations, it will probably have little to any long term effect. We see a later spring market as possible, with even potentially a slight softening of prices as the bidding wars ease off. But this will likely be short lived and by the end of the year condo prices may once again have increased, if not by as significant a percentage as in the previous two years.
Single family homes, especially those beyond the financial reach of local buyers, may continue to stabilize with another year of flat prices and lower volume of sales. However unless supply increases significantly (ie: a lot of homeowners choose to list their homes at the same time) this will probably not lead to any major reduction in values.