Getting Back to Balance
Everyone needs balance in their life I think we can agree. After a record breaking high in February-March 2016 the market already showed signs of moving towards a more balanced market. Announce a 15% foreign buyer tax and the usual summer lull turns into a media frenzy. However, this truly isn't the end of the world. It doesn't mean 15% off all Vancouver real estate. This is a small percentage of buyers, who may object, but can mostly afford the tax and is normal in most countries for non-residents.
Something has to give after a while and skyrocketing prices are not healthy for any market. We have to be careful, however, when reading too much into only a few weeks of data. Average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. The high end of the market is where the effects of the tax will be felt the most.
Overall listing inventory remains low and therefore Vancouver remains mostly a sellers market. How all of this affects you depends on your goals and needs. Buying? Selling? Or both? The answers are not the same for everyone.
One thing is for sure, it's not as simple as an MLS listing and a sign on the lawn.
Moving forward through this market takes experience. Don't leave this job to just anyone.
We have been selling homes like yours since 1990. Through the ups and downs of real estate. The majority of our business is repeat clients and referrals but we always have time to welcome new people to our network. Below are some examples of properties we have listed and sold recently. Drop by www.HepburnProperties.com and check us out. When you're ready, please call us directly and we will customize a plan for you.