The RE/MAX 2018 Spring Market Update Video Report, is out!
Greater Vancouver continues to be a buyer’s market with great demand for condominiums. The foreign buyer’s tax and high prices for detached homes have had an impact on the low activity in January and February. With the new speculation tax, a lot of buyers are holding off on purchasing.
Greater Vancouver saw prices increase almost 11% in January and February to $1,051,513, up from $950,184 during the same period in 2017. Despite reduced unit sales, prices are expected to continue rising. While Victoria is mostly a seller’s market compared to Greater Vancouver, it has also seen an increase in average residential sale price, which was $831,000 in January and February this year compared to $761,000 during the same period in 2017.
It is expected that government intervention and the stress test will continue to play a pivotal role in purchasing behaviour as we look to the months ahead. The Leger survey found that four in 10 buyers have had to compromise on their purchase, and almost one in three opted not to purchase altogether. One quarter of buyers compromised on the size of their home, while 18 per cent made concessions on the location of their home.
Despite these compromises, 55% of home-buyers say they feel like they can purchase the type of home that suits their families’ needs compared to 46% last year.
Review Greater Vancouver’s Report by Clicking Here!