The State of Vancouver Real Estate

Vancouver’s Red Hot Real Estate Market has become a news sensation. It’s in the headlines. It’s on TV. It’s in every other social media post you scroll through in your feed. But the question remains—what is actually happening in the market?

I teamed up with Geoff Lee of GLM Mortgage Group to cover this topic.  We are bringing you the stats, the facts, and what you need to do to purchase a home in this crazy market. Click below to read my guest post!

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The Market Update-March

Spring has officially sprung and with it the Real Estate market has picked up! In the spring we typically begin to see the market’s inventory become more saturated, an increase in buyers and a sense of urgency to buy.  Below are the statistics for March for detached homes.

Inventory

In comparison below are February’s statistics, showcasing a clear growth especially in the Langley, Cloverdale and Abbotsford area.

Inventory

Another area that has been of interest over the past few months is the foreign buyers tax’s overall effect. The interest of foreign buyers appears to be levelling off, as they accounted for  little more than three per cent of both the value and number of all transactions, according to the most recent property transfer tax data.

It is still unclear of the overall effect of the tax and how the recent announcement of the exemption from the tax if  one is a skilled worker here under the provincial nominee program and/or is a  foreign national who obtained permanent Canadian residency within a year of living in Canada.  To learn more about the exemptions check out this article.

Back to the Fraser Valley though! This month shows the general growth of the market and the increase in overall sales. This will continue over the next few months making it a great time to put your home on the market! It is a great time to look at selling your home and by partnering us at Young Real Estate we promise to work with you to sell your home for more!! #SellingHomesForMore