Vancouver Area Aug 19 2016 (2 week update)
Current: Vancouver area Real Estate Market ranges from a Stable to a Sellers Market with a strong 8.4 %SOLD rate. See each city for the full details.
Forecast: July's Real Estate Statistics indicate the expected Seasonal Shift to a Buyers Market in many Markets in Greater Vancouver. Single Family Homes in Metro Vancouver experienced an Average Monthly Price Increase of just $5,976 which is down from the $28,146 increase we saw in June. Whereas Single Family Homes in the Fraser Valley experienced an Average Monthly Price Increase of just $697 which is down from the $31,107 increase we saw in June. And yet, both the Townhouse and Condominium Markets; 55 of 58 reporting are showing stronger increases and continue to outpace most Single Family Home Markets.
With the New 15% additional tax on Off-Shore 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 Local Buyers seem to be taking the "Wait and See Approach". It is too early to forecast Markets converting into a Buyers Market in the months ahead. 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. Sidney also just implemented a new sales tax on Off-Shore Buyers.
Fraser Valley & Chilliwack Aug 19 2016 (2 week update)
Current: Fraser Valley and the Chilliwack areas over all are in a Buyers/Stable Market averaging a 20.2 %SOLD rate. See each city link for the full details