As we move forward into 2017, I must say, 2016 truly was an interesting one! A few things to reflect on would be the foreign buyers tax, the cities empty house tax, the requalification of financing limits for 1st time buyers and the US election finally coming to an end.
As we all know the market began to slow in the Fall of 2016 due in some degree to the uncertainty created from changes such as the foreign buyers tax. All though the market has slowed, do keep in mind that January and February are traditionally always slower months with people getting over Christmas and anticipation leading up to dryer and sunnier days ahead. Due to a number of buyers who have been sitting on the fence while the market realigns itself, we are seeing a great deal of pent-up demand with 25-year record low inventories as we approach the Spring Market. The higher end properties such as single family homes have come down in price while the lower end properties such as condos and townhouses have remained virtually unchanged. This compression of the market has in fact created a great opportunity for those people looking to buy up. The condo market and other forms of attached homes remain extremely strong with supply and demand continuing to dictate pricing in all categories. As always, the one constant is that Vancouver remains one of the most beautiful cities in the world to live in with thousand of people wanting to move here every year.