The original Magic 8 Ball is the novelty toy that lets anyone seek advice about their future! All you have to do is simply 'ask the ball' any yes or no question, then wait for your answer to be revealed...
(Shakes magic 8 🔮ball)… So what do you think... are we headed for a bubble? A slight adjustment? Or more growth?
At Vancouver Real Estate Today, we are obsessed with serving our clients with a personal and engaging experience. It is our mission to provide the highest level of care and representation to our clients. If you are looking to purchase or sell a home, we would be honored to help you find your place. 🏡
At Vancouver Real Estate Today, we are obsessed with serving our clients with a personal and engaging experience. It is our mission to provide the highest level of care and representation to our clients.
If you are looking to purchase or sell a home, we would be honored to help you find your place.
Here in Greater Vancouver where Home sales continued to slow for the fourth month in row the market is taking a much needed breather but a severe shortage of new listings continues to plague the housing market.
New listings across in all categories hit their lowest levels in 11 years this July. Where the inventory crisis is most severe, in the detached segment, new listings hit a 20 year low. Where did all the sellers go? Honestly, I think there are just a lot of people taking advantage of looser COVID restrictions and travelling for summer holidays. Keep in mind we had record new listings for detached homes back in March and April, so clearly people aren’t afraid of selling their homes. This is setting the stage for another sellers market this fall once people get back to their normal routines.
The prices have now levelled out after their fear of missing out run-up that ultimately topped out in March. While it looks like detached and townhouse prices have plateaued, condo prices could be ready for a stronger second-half. I’m cautiously optimistic about this as of today, August 12, 2021.
There are still stragglers in the condo market though. For example, 2 bedroom units in Downtown Vancouver are still down 6.5% from last year. When compared to other parts of the market, like houses in the suburbs, which are up 30%, this smells like a good value purchase.
A looming fall election looks like it could bring more changes to the housing market. The NDP have proposed a 20% national foreign buyers tax, while the conservatives are pushing for a freeze on non-resident foreign purchases. Can you see where this is going?
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