Home prices fall in the Greater Vancouver; prices will continue to reduce

The sales of homes were lower by the end of 2016 and the prices are forecast to keep lowering. Is this good news for the market as a whole or only the buyers? Only time will tell.

According to the Real Estate Board responsible for keeping track in Greater Vancouver, the G.V.R.E.B, homes sales fell by more than 22% last December and by almost 40% overall from 2015. The board has reported that apartment prices have also gone up by 27% from July 2015-July 2016; townhouses have gone up to 29%.

At this point in time, it is a bit tricky to make a prediction for the Metro Vancouver since the market has not yet adjusted itself to the 15% foreign buyer tax. The reason for the fall in prices is simply because more and more people are not putting their homes up for sale. There is a whopping 58% drop on listings from November 2016!

Detached homes have dropped since November at 1.8%; apartments fell only 0.3%, while attached homes fell 0.8%.