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Snapshot of Real Estate Prices for 2018

May 22, 2018 by Editor

The 2008 financial crash and the introduction of the 15% Foreign Buyer’s Tax caused noticeable dips in the price of housing, but the graph shows these dips were recovered quite quickly. Sale prices for Detached houses have been the most volatile in the last couple of years while the sale price of Townhouses are still showing significant strength.

Changes in the MLS home price index – March 2018

Property Type  1 Month  6 Month  1 Year
Residential – all types 1.1 4.5 16.1
Detached 0.4 -0.5 7.4
Townhouse 2.0 6.2 17.7
Apartment 1.6 9.1 26.2

The two 35-year graphs compare mortgage rates (five year posted rate, the top graph) to average real estate prices (the lower graphs). Unsurprisingly, when lending rates are low, prices rise.

Real Estate Prices and Historical Posted 5-year Mortgage Rates

Real Estate Prices and Historical Posted 5-year Mortgage Rates

It remains to be seen if the current regime of rules, regulations and taxes will affect the market over the long term, or if other forces will prevail.

Bank authorities seem hesitant to raise lending rates too quickly, given the global economic uncertainty.

Things have never been more complex or more dynamic.

Contact me for the best advice and current trends. 

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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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