It certainly has been an exciting time in Real Estate. Many of you might recall that 2017 commenced with a nervous question: Will our national housing market crash? We headed into 2018 with more of a collective sigh; with our analysts projecting deceleration in activity and pricing.
As predicted, we saw activity flatten slightly in the summer of 2017 - with a slight growth in the amount of listings (finally!). Furthermore, new mortgage regulations were announced in October 1st, 2017 - making it tougher for Canadians to qualify for uninsured loans, affecting consumers with down payments of 20% or more - taking effect January 1st of 2018.
Wonder what this means for our Canadian Real Estate markets this year? We’re expecting to see a return to a more stable, balanced Canadian market.
Based on the sales-to-new listings ratio—where 50% is a balanced market—the overall Canadian market appears to be balanced, according to RBC Economics December Monthly Housing Market report. Toronto and Calgary are also in balanced territory while Montreal and Vancouver are still leaning towards a seller’s market. As you might imagine, some markets are still hot - despite the rise in interest rates and recent mortgage regulation changes - but will likely experience a softening as 2018 progresses.
As a result, it’s expected that even more buyers across Metro Vancouver will end up competing for cheaper properties—as we’ve been seeing in the spiked interest in condos and townhomes (2017 was even named “The Year of the Condo!”). We won’t be surprised by an active spring market, especially in the attached market segments.
What does this mean for sellers?
If you’re thinking of selling in Greater Vancouver, you’ll want to stay competitive and have an experienced Real Estate professional on your side - who will help you get the best dollar for your property with strategic pricing strategies.
2018 could be a great year to sell your home or investment property - get in touch with Michael today!
If you have questions about buying or selling in Richmond, Ladner, Tsawwassen, or Vancouver West - be sure to get in touch!
We're here to help!
Michael Cowling & Associates