Vancouver Area Sept 16 2016 (2 week update)
Current: Vancouver area Real Estate Market ranges from a Stable to a Buyers Market with a strong 7.1 %SOLD rate. See each city for the full details.
Forecast: August Real Estate Statistics indicate that the Cashing-Out-Vancouverites are moving out to the Suburbs at a much slower pace but still managed to keep many Eastern Fraser Valley Markets strong. Overall, the Single Family Homes in the Fraser Valley experienced an Average Monthly Price Decrease of $2,738, an expected change (which was down from the $697 Increase we saw in July) and minimal when compared to Vancouver's $18,692 decrease. Conversely, 67.5% of the Townhouse and Condominium Markets are showing increases and continue to outpace most Single Family Home Markets.
With the New 15% additional tax on Foreign Buyers in Metro Vancouver we would normally forecast a moderate drop of Buyers in the High-End Detached Markets. But the 15% tax has also stalled the Local Consumer Confidence as some Local Buyers took the Wait and See Approach. Well the "Sky Did Not Fall". Our informed sources believe the next big test of the Off-Shore Buyer's Confidence will be following the upcoming Chinese National Holiday in the first week of October. Most indications are that we could be begin to see returning normal Off-Shore confidence in the strength of investing in Canadian Real Estate. We continue to analyze and provide 98 individual City's Home Price Indexes to Supply You the Most Accurate Market Trends. Please contact us for your own Market Value Update with Analysis and Forecast.
Check out our New Home Price Indices for Hong Kong, Beijing, Shanghai and Sidney Australia. Incidentally, Sidney Australia also just implemented a New Sales Tax on Foreign Buyers.
Fraser Valley & Chilliwack Sept 16 2016 (2 week update)
Current: Fraser Valley and the Chilliwack areas over all are in a Stable to Sellers Market averaging a 12.2 %SOLD rate. See each city link for the full details