Vancouver Real Estate Market Update
The latest statistics reported by the Real Estate Board of Greater Vancouver (REBGV) has demonstrated a definite change in the types of housing buyers and investors are seeking for in the real estate market. Overall residential sales in the Greater Vancouver Region for March is down approximately 30% compared to March of 2017. Vancouver alone declined 43%. Likewise, sales figures for the first quarter of 2018 is 13% lower than the same period last year representing the lowest Q1 sales since 2013.
Despite the reduction in sales, prices continue to soar for condominiums and townhomes. This market phenomenon is primarily due to the change in behaviours of wealthy buyers shifting towards properties in the lower price brackets. Their altered behaviours can be attributed to the new government measures, such as, the new tax policies and the stricter mortgage requirements which were originally designed to make housing more affordable but instead are convincing the super rich out of the detached homes market. In effect, the demand for condominiums relative to the supply available for sale remains high creating an upward pressure on the prices. As a result, there is an unequivocal consolidation of buyers into the condo sector as everyone is trying to get a piece of affordable housing.
View the video below to learn more as Kristy weighs in on the matter.