Let's just dive right into it! 2017 was like sailing uncharted waters. 2015 and 2016 had some of the busiest activity we've seen in the Vancouver market since we've been in the real estate business but as soon as 2017 came around, it was clear that the tides had turned and things were not going to be as easy. The Greater Vancouver Real Estate Board (www.rebgv.org) - link to the article below - reported that there was a 9.9% decrease in activity compared to 2016 and a 15% decrease in activity compared to 2015. We've mentioned in a previous post that there were a few contributing factors to this decrease in 2017: (1) surprise interest rate early in the year; (2) continued drop in offshore money/investment; (3) bank tightening and affordability issues. However, despite the decrease in activity, mostly in detached homes listed over $2 million, attached homes (condominiums and apartments) were a hot commodity last year. Almost every one of our attached homes listings had multiple offers and this trend seems to be going strong into 2018. We'll be posting an article about what to do in a multiple offers scenario - stay tuned! (BTW, if there are any topics you would like us to explore, let us know in the comments section below).
So what can we expect going forward into the new year? It's a bit too early to tell what impact the new government lending rules will have on the market but we are hopeful for a steady 2018 that will give home buyers more of a choice and more time to purchase their dream home.
If there's anything we've learned from 2017, is that experience and knowledge will triumph in uncharted waters. Between 2016 and 2017, our team closed over 100 deals. We'll continue to work hard on behalf of our clients regardless of what lies ahead in 2018. So if you're thinking about buying or selling this year, or want to know more about the current market, give us a call. As always, we'd be happy to help!
Brad's Cell: (778) 869.8778
Theo's Cell: (604) 562.8887