Shannon Realty

Living and Selling Greater Vancouver

Go to Jeff Shannon on FaceBookGo to Jeff Shannon on TwitterGo to Jeff Shannon on LinkedInGo to Jeff Shannon on Instagram

604.649.6058

jeff@shannonrealty.ca
 


Sorry we are experiencing system issues. Please try again.
  • Home
  • Featured Listings
    • Recently Sold
  • Search
    • Property Search
    • North Vancouver Detached
    • North Vancouver 1/2 Duplexes $800,000 and Over
    • North Vancouver Townhouses $700,000 and Over
    • North Vancouver Apartments $450,000 and Over
  • Property Organizer
  • Advise & Tools
    • Request a Property Valuation
    • Email Alerts
    • Property Organizer
    • What You Should Expect from a REALTOR?
    • Steps & Costs Related to Home Buying
    • Condominiums – Buying Strata
    • Trades List
    • Activities and Attractions around Greater Vancouver
  • About Jeff
    • Six Reasons to Call Me First…
  • Contact Jeff

2017 Real Estate Wrap-up

January 14, 2018 by Editor

2017 Real Estate Wrap-up

There were two main factors influencing things in the real estate market throughout 2017.

First, with our economy booming, population growing, continued low interest rates, and limited building opportunities, the supply-and-demand ratio has been forced a bit out of whack. Steady demand with limited supply always leads to price rises. Two years ago detached houses close to downtown saw huge increases in value. This past year – with detached houses already priced out of the market for many buyers – that demand switched to condos and more affordable houses in the suburbs, pushing those prices up.

Reinforcing the supply side shortage, there were far fewer homes listed for sale in 2017 than is usual and an extremely low number of new-and-unsold condos ready.

Second, because we are one of the world’s most desirable places (and with convenient travel to Asia), the Vancouver area attracted a lot of very wealthy offshore buyers. Although only 4.8% of the region’s homes are owned by declared non-residents that is enough to distort market pricing and demand at the high end, which has had a ripple effect all the way down the market.

Later on this month I’ll look at these two factors in detail. Sign up for my newsletter to get this information before it’s published to Market Trends.


The Market Ahead …

This is a difficult real estate market to predict. Most experts see a continued rise in prices in 2018, although perhaps slower than we’ve seen in recent years.

BCREA thinks 4 to 6%; CREA predicts flat pricing in BC; CMHC says “modest” price increase in line with inflation.

If you’d like to make your own prediction, here are some of the factors that will affect our local residential real estate market in 2018:

  • Tighter mortgage rules effective Jan 1.
  • Continued demand, both offshore and local; steady population growth
  • Buoyant economy (but with some unknowns: softwood lumber, NAFTA)
  • Limited supply of existing home resale listings; but a record number (40,000) of units under construction
  • Rising mortgage rates expected
  • Some sort of government intervention expected to address “affordability”

Whether buying or selling a home in 2018 – call me first for the best advice.

 

Share this:

  • Print
  • Email
  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

Monthly Articles

Newsletter Available

Jeff shares his knowledge through his monthly newsletter. Sign up with your email address now.

 

Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

PROPERTY SEARCH
Our Listings
Map Search
Advanced Search
Property Organizer

RESOURCES
Articles
Trades List
Valuation Request
Email Alerts
Activities & Attractions

 
Home

Contact Jeff
About Jeff

Go to Jeff Shannon on FaceBookGo to Jeff Shannon on TwitterGo to Jeff Shannon on LinkedInGo to Jeff Shannon on Instagram
js-team3000

© 2023 · Shannon Realty · Built by Pharos Internet Solutions Ltd.