Over the past few years Metro Vancouver homeowners have seen the value of their homes soar to higher values as projections of a decline in the housing market were constantly contemplated. But for many experts, they suggest that 2017 will be the year of reckoning for the real estate market.
Going through their British Columbia Assessment property valuations, many home owners were surprised as to the level at which the value of their properties have climaxed.
The assessment came at a point at which the forever predictions of housing decline is expected by many to finally occur.
In 2016, home prices in Metro Vancouver skyrocketed to an unbelievable height which made the city to be one of Canada’s most expensive cities.
Although the situation did not go unchecked, the efforts of the government to cool down the housing prices are still in vain as there are still little or no changes in the real estate market.
Nevertheless, experts are still having their fingers crossed that 2017 will be a year of difference for the Canadian housing market.
The prices increase in Vancouver has led many to come to terms that the Vancouver housing market is not predictable as other markets. It holds a lot of surprises for homeowners’, experts and also the government.
According to Royal LePage Realtor Adil Dinani the only option buyers and onlookers are left it is to wait and figure out what will happen next in the housing market as all past predictions have failed.
But the experts are also worried that in the event that the Canadian currency drops, it will attract numerous foreign investors to once again participate in the Canadian housing market.
However, even if home prices are to decline, the listing and supply of new homes will be the determining factor of the housing market.
The wait and see approach of investors have deterred many homeowners from listing their properties in the market but are instead renovating their properties for the future market while others are planning on living in their properties instead.