Across Greater Vancouver, homeowners were greeted with an unpleasant surprise to start the New Year as tax assessment values fell by double digits. Meanwhile real estate associations, banks and real estate brokerages were preparing press releases to tout fall market momentum, low mortgage rates, modest economic growth in the province and pent-up demand as signs of bolstered sales to come across B.C. in 2020.
Within the local real estate community, even the most pessimistic analysts are agree the market looks good in the short term, with gains credited to low inventory levels and increased access to credit. From quarter two and beyond, however, the outlook is less rosey with some arguing 2020 will be a “rough year” for detached homes, which will not begin to turn around until 2021.
What's can we expect from the Vancouver real estate market this year? Hard to say exactly, but ones thing is for sure. Where there is uncertainty, there is opportunity.