Shannon Realty

Living and Selling Greater Vancouver

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The Housing Market Over the Past Year…

May 15, 2017 by Editor

As many industry professionals predicted last year, the residential housing market across Greater Vancouver has pretty much resumed its normal activity levels. And prices certainly have not collapsed in spite of predictions!

The dip in activity we saw starting last summer was the result of several coincident events:

  • The natural slowing of an overheated market
  • Tightening of mortgage rules
  • Introduction of the foreign buyer’s tax

But even in combination these dynamics were not enough to overcome the fundamentals driving this market:

  • An increasingly desirable place to live
  • Continued low mortgage rates
  • An attractive Canadian dollar value
  • Steadily increasing population and in-migration
  • Limited room for growth, especially for detached houses
  • A strong economy and stable business environment

The law of supply-and-demand is at work here, helped by factors that make this an attractive place to live in a time of general prosperity. People here still see real estate as a good way to build equity, provide security and ensure rent-free living in their old age.

There will be ups and downs, but this market is here to stay. Call me when it’s time for a move or an investment.

Greater Vancouver Price Trends

Market Graph

Average Sales Price – By Property Type. As of the end of April 2017 Townhouses and Condos have increased 10% and 20% respectively while house prices have fallen 2.5%

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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

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Shannon Realty

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

Email: jeff@shannonrealty.ca

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