Last year in July the provincial government announced their foreign buyer tax. It was a mad scramble to close properties before the tax took effect which distorted the market at that moment. However, there was a slowdown in sales for several months afterwards while the market adjusted to the changes. The tax was eventually absorbed by the seller and the buyer of the higher end properties that attracted foreign investment. It did impact the number of detached sales.
With short winters, plenty of fertile soil, and a temperate rainforest climate, Vancouver is the perfect place to grow a lush, beautiful garden. The only problem is that many Vancouver residents don’t have […]
As projected in May the condo is King in June. The trend is for prices to rise continuously in the condo market because it is so in demand and the inventory is low. The detached home market has recovered in value from last summer’s Foreign Buyer Tax slow down that followed its implementation but it […]
It was once common to use the expression “as the world turns” to explain inexplicable actions. Today the wording has segued into “as the world spins”…off it’s axis. In some ways the old misogynist spirit is abroad in the land as either populist or progressive political theories move forward. It will be interesting to see […]
Despite the media trumpeting stats that the real estate market is down the reports are referring to the numbers of sales, not prices. April sales were 4.8% above the 10 year average for the month but much below the megasales numbers of 2016. There has been little inventory coming on the market due to seller […]
As the city with the highest density rate in Canada, Vancouver architects and city planners need to find new ways to increase housing density to make way for the population growth, which is expected to reach 3.1 million over the next 14 years. Local architect Michael Geller has looked to Europe for inspiration. Downtown Vancouver by The […]
The raging fire of unsustainable rising prices seems to be consuming the Greater Toronto housing market including satellite cities like Barrie 90 km away and Hamilton 65 km away. The big concern for Stephen Poloz,Governor of the Bank of Canada is the effect a real estate collapse would have on the Canadian economy. The Greater […]
There’s an old Scottish saying that ‘you should cut your cloth according to your stipend’ meaning to live within your means. It appears that local buyers are taking that idea to heart and making housing decisions based in reality not dreams.
The sales numbers are down mainly due to the fall off in detached sales as there still is demand for certain products
A new day has dawned. Just not the one that all the pessimists were expecting. Properties have come off their mid-2016 highs; numbers of sales have declined from the end of 2015. Given that sales were already slowing by June 2016 it is a continuation of that progression of the market. A one year price […]
Brenda Kinnear Legislated into effect on August 2 2016, with the hope that it would cool down the Lower Mainland’s property market, with its sky high prices and empty houses, the Foreign Buyers Tax adds 15 per cent to the cost of BC property purchased by persons outside of Canada. The Foreign Buyer Tax was […]
It’s a Blue Christmas for detached homeowners across Metro Vancouver. It’s challenging for sellers to become accustomed to the new normal after the historic rise in prices and sales over the past two years. Overall for detached homes the number of sales are down 52.2% from November 2015 while prices are up 23% from November […]
The party’s over It’s time to call it a day They’ve burst your pretty balloon And taken the moon away It’s time to wind up the masquerade Just make your mind up the piper must be paid… — by Betty Comden, Adolph Greene, Jule Styne Detached home sellers all over Metro Vancouver are paying the […]
Vancouver is known as having one of the mildest climates in Canada, but that doesn’t mean that homeowners don’t need to worry about Mother Nature. The City of Vancouver lists several situations that homes need to be prepared for including flooding, earthquakes and wind storms. With the large amount of precipitation that Vancouver sees each […]
Despite the hot housing market in Vancouver, for those homeowners who want to maximize their home’s value, a few renovations may make all the difference. The CEO of the Greater Vancouver Home Builders’ Association, Bob de Wit, believes that renovations are a “critical piece of selling a home.” I think that you can do a […]