A Mixed Start To The Year
Many predicted a precipitous decline in prices with all the government intervention in the last 6 months. While sales activity has shot dramatically down (a whopping 41% drop in the last 6 months), interestingly prices have been slower to move (2.6% drop for the home price index or ‘HPI’, across the board). The cause for this is two-fold: Firstly, a lot of people looking to sell have already done so in the boom years of ’15-’16, so new listings have not kept up with pent up buyer demand (36.9% less new listings compared to February ’16); Secondly, there has been a large drop in detached house prices (down 6.5% over past 6 months), but the condo market has actually increased in value by 2.5% according to the HPI.
Once you look at the separate property classes, things start to line up a bit more with expectations. We all knew houses would feel the pain first (especially the luxury market) and we also anticipated that condos would be the last to fall. The condo market is really the most robust market due to all the different demographics interested in it. You have downsizers, first time home buyers, and plenty in-between all vying for the same property types.
The Quick Numbers (Greater Vancouver)
A Peek At What I Have Been Up To
2017 has been an exciting year personally! I have remained quite busy despite the overall slowdown of sales activity in the market. Beyond that, I am excited to announce that I will be able to provide even more real estate services in the near future. I have completed 16 hours of commercial real estate courses, and over the next 2 weeks will add another 32 hours to that total. These classes will not only enable me to help answer the growing inquiries I am receiving in leasing, office purchasing, and warehousing, land assembling for multi-family redevelopment, but will also give me plenty of new tools that I can apply to residential real estate to help with investment forecasting and appraising. I am really excited to be taking this step, and if you want to discuss commercial real estate, or go over these tools for investment forecasting, I would be more than happy to discuss!
Thank you very much for your continued trust, support, and business,