<<< back to article list

Spring Market Update

  • +1

Blog by Tony Hepburn | May 17th, 2017

Screenshot 2017-05-03 16.46.44.jpg

Condos & Townhomes in High Demand,

Houses Still Strong

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

The first time buyer incentive program adds pressure to an already under supplied attached market causing upward pressure on prices and bidding wars, again. 68.5% of all residential sales year to date have been townhomes and condos with a corresponding 15% increase in the benchmark price over one year ago. 

The Foreign Buyer Tax of 15% has also shifted the foreign investors focus to a lower price range creating even more demand. Detached homes are getting rarer and rarer, and as such, values are still up 9.3% over the past year and remain solid, moving at a normal pace historically. 

Even with these two major changes, prices remain strong.

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? Let's discuss a strategy that suits you. 

​Here's what one of my clients had to say:

Our Thanks to Tony for his integrity and professionalism in selling our property. We’ve had a few different realtors try to sell our place, ranging from the super high profile type to the practical and economical and nothing seemed to happen. From the moment Tony took on the listing he worked harder than any of the others and seemed really devoted to finding the right buyers. Having renters is often a problem when selling, but he worked very well with the tenants and made selling easier than it ever has been. I would highly recommend Tony to anyone looking to buy or sell.  He is hands-down the best realtor we’ve ever had.”   Geraldine and Allan Peel

I've been selling homes like yours since 1991. When you're ready, please call me directly and I will customize a plan for you.