The vancouver Real Estate Market has come to an end in 2016! This is the Vancouver real Estate Market Update for the entire year of 2016. We are now into 2017 & everyone has opinions & suggestions on what the future holds! These are of course just that, guesses. Some educated but most unfortunately are not. Without trying to forecast the un-forcastable future, Here I am going to show you the number chart from the past 12 months (December’15 to December ’16). This will show you what has happened on this amazingly turbulent year from start to finish.
As you can see from the charts above, the trend in the first half of the year & the tend in the second half of the year are more or less equal (per neighbourhood / property type). There was a massive run up from the beginning to mid year and a steady decline from the middle of the year to the end. This was due to a large number of restrictions that were put in place from the government & banks in 2016. The tightening of Lending & the application of a variety of taxes were the culprits in the massive slow down in velocity that the 3rd & 4th quarter of 2016 saw.
Not to say that prices were massively effected. The velocity of the market is what has changed the most. Prices have clearly been effected as well but to what degree is still a subjective guess. As there have not been a huge number of sales leave market in the 2nd half of the year.
With all of that behind us now, the movement in the market has noticeably picked up so far about half way through January & this should mean that sales will quickly follow. There are noticeably more people out and about searching in the current market than there was in November & December. As things move forward I assume a large number of listings will begin coming to market as we get closer to Spring and buyers will still find them selves in a buyers market as it currently is but just much more to pick from.
For any further detail on the Vancouver real Estate market please don’t hesitate to contact me direct at firstname.lastname@example.org | 604.771.4606.