Market Update: January 2018

 

 

Another month has come and gone–and that means it’s time for a market update! This month was a strong month for sales in real estate. The market speed was listed as 41%  making it a seller’s market, however, the market speed is down slightly from the previous month. The Greater Vancouver Real Estate Board states that:

“High prices, increasing interest rates and new mortgage rules are all expected to reduce housing demand in 2018.”

With that in mind, let’s take a look at the stats for this month.

Total listings: 2,579 (down from 2,882 the previous year)

Total Sales: 1065 (up 847 from previous year)

Sale Price: 17% increase from the previous year

So what does this mean moving forward? Homes are still selling at an above average rate and at an above average price. This is the perfect time to list your home because the full effect of the mortgage guideline changes have not taken full effect.

Are you or someone you know thinking of selling? Give me a call today: 1.604.720.5353 or info@alyoung.ca

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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