April 2018 Market Update
As you can see in the numbers below, we continue to see a market divided. The detached home market (primarily at higher price points) continues to be soft. We can see this with the supply of listings growing, the number of sales remaining low, and prices moving lower off of their highs. Meanwhile, condos and townhouses saw continued higher demand through March and prices generally trended higher.
The strongest category in our market continues to be the more affordable end of the market. Generally, entry level for Vancouver under $900,000 or so.
More recently, we are even beginning to see some very hot segments of the market take a breather. Most notably, newer one bedroom condos in downtown Vancouver as well as townhouses on the Westside. It appears that the slew of new regulations and taxes implemented by various levels of government (most recently, the new provincial budget) may be giving the market some pause.
We still believe that those changes will most significantly impact the upper (>$3,000,000) range of the Vancouver real estate market. As we thought, it’s likely that there is going to be some short-term turbulence as the market adapts to the changes. The next few months may end up being an opportunity to move-up in the market (selling a condo/townhouse to move into a house), cash-in on capital gains made on investment properties or capitalize on a little less competition while purchasing.