After a significant change in Government and the look of the BC Political landscape following the May 9 Provincial Election, the Vancouver Real Estate market continued strong through May and June 2017. While single detached inventories are higher in both the East and West Sides of the City compared to the same period in 2016, the number of sales recorded are almost equal to one year ago, and Average Prices/Unit for Detached Homes (approx $1,700,000 Van East, approx $4,000,000 Van West) are virtually dead even with 2016. Sales/Listing ratios indicate a modestly “Sellers Market” bias, trending towards a healthy “Balanced Market”.
On the Attached/Condo side of the Market, inventories are also a bit higher this year than in 2016, with Sales only very slightly lower, but that Market is very strongly “Seller Favourable” still, with Average Prices approx 5% - 8% higher on the West Side, and 15% - 20% higher on the East Side compared to May and June of 2016.
Having said that, there is evidence - both statistically and anecdotally - that the Market (especially West Side Detached) may be cooling a bit as some Buyers adopt a “wait and see” attitude in response to the Election results.
It is quite likely, however, that this is more a case of the “Sniffles” than a full-on “Political Flu”, as the BC Political Landscape remains quite fluid with the potential for more change within months rather than years.
The Summer tends to be a bit slower sales period as both Realtors and Buyers take holidays, but we are often surprised by persistent activity during this time. There always seems to be “Something” going on in our City and Province, so the current situation can still be characterized as “Normal” for the Vancouver/Lower Mainland Real Estate Market. Call Bob Bracken anytime to discuss this topic and real estate.
If you are looking to sell or buy real estate or wish to discuss further any topic on Real Estate, please contact Bob Bracken at 604-220-2035 cell, 604-263-2823 office, or firstname.lastname@example.org email.
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