Real Estate Market In Vancouver Becoming Stable

Rumour has it that the blazing real estate market in B.C. will remain strong for the next two years. Although the foreign buyer’s tax has caused many to fear, the sales in Metro Vancouver seems to be cooling. The market abroad said the trend will balance and cause other areas of B.C.’s real estate market to benefit for the meantime, with their sellers staying in favorable rank. Sales will slow down for the moment in Metro Vancouver by about 10 percent because of the recent foreign buyer’s tax that was rolled out in August.

An economist Bryan Yu said: “The housing market is driven by continuing low-interest rates, the growing economy and population increases …these fundamentals won’t change. The foreign buyer tax will result in a temporary but substantial short-term cut in Metro Vancouver sales trend … the tax puts further downward sales pressure on a market already slowing from spring fever.” The realtors in Greater Vancouver made an outcry, after putting the blame on the new provincial tax for being the reason why sales are faltering sales and deals terminated amidst the unforeseen tax, however, Yu said losses will be counterbalanced by the gain of sales in other B.C. areas, like the Okanagan and Vancouver Island. The average annual price in Metro Vancouver went up close to 20 percent this year to $705,000 dollars.

The realtors in Greater Vancouver had an outcry, after putting the blame on the new provincial tax for being the reason why sales are faltering and deals terminated. Amidst the unforeseen tax, however, Yu said losses will be counterbalanced by the gain of sales in other B.C. areas, like the Okanagan and Vancouver Island. The average annual price in Metro Vancouver went up close to 20 percent this year to $705,000 dollars.

Because of the unstable sky-rocketing prices in Greater Vancouver, the slow growth in the market will turn out to be what it needs at this point in time. He assumes the price in the regions will go up in 2017 and 2018 to about four percent, which is a bit lower than the forecast of 5.8 percent median growth in the price of homes in Greater Vancouver for next year.