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Record Sales in 2016

November 16, 2016 by Editor

Well wasn’t that an interesting year!

We set records for number of sales. We set records for highest prices.

And just when it looked like the market had hit its peak, the government surprised everybody with the 15% Foreign Buyers’ Tax (which had an impact much wider than merely on foreign buyers). Then the banks tightened qualifying requirements for mortgages.

So now only the really motivated buyers and sellers are striking deals; the rest are temporarily on the sidelines waiting to see where the market goes – and that’s the big question!

This is typically the quiet part of the year for real estate anyway. Now we are waiting to see what the mood will be in February when a typical cycle would see activity pick up again. Many forecasters, including me, are expecting things to get back to near-normal (whatever that is!) by mid-next-year at the latest.

And that’s a forecast based on hard numbers: growing population, expanding economy, provincial election year (bonus economic goodies from the government), continued low interest rates. We might even expect to see an extra burst of activity due to a few months’ pent-up demand following this slowdown.

You can call me anytime for an up-to-the-minute picture of the market and trends.

North Shore Real Estate Market Trends

October Statistics

October Statistics
Benchmark Prices of a “typical” property;
Source: Real Estate Board of Greater Vancouver.

As I’m sure you have read in the news, the number of sales of all types of housing (houses, apartments, and townhouses) was significantly lower this October than the same month a year ago. 

As the graph here shows, this trend is most pronounced for houses – which in North Vancouver have also seen the number of listings rise.

Benchmark Prices are up substantially compared to a year ago, but, not shown on this one-year graph,  have softened a bit since September (down about 4.5% for houses in West Van and less than 0.5% in North Van). Call me for details.

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Filed Under: Real Estate Perspective, Sellers

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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