The NDP Government announced their budget in February and in the immortal words of George H. W. Bush – “No New Taxes!” After last years budget, there was a reprieve in the real estate market that was under fire from the provincial government last year. Although we did encounter one of the snowiest and coldest February’s we’d seen in a long time. Perhaps something had frozen over! There were 1,512 homes sold in Greater Vancouver in February up from 1,120 (up 35%) in January this year. This was compared with 2,241 sales (down 33%) in February last year and 2,461 sales in February 2017. This was 42 per cent below the 10-year average for February and the lowest since 1,494 in February 2009. Detached house sales edged up comparatively with there being 27% fewer compared to last February while there were 30% less townhouse sales and 35% less apartment sales. There is still a lack of activity for detached homes in Vancouver’s West Side with there being 43 sales...

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New Year, a similar mentality to start the year with a wait and see attitude in the market with both buyers and sellers. But the feeling is one of some growth of opportunity in the market with prices coming off lofty highs and some multiple offers occurring. Call it tempered optimism. There were 1,120 home sales in Greater Vancouver in January this year, the third-lowest total since 2000 (771 in 2009 and 1,062 in 2000). With only 1,094 home sales in December, it is curious that only twice since 2000 have sales in January been higher than the preceding December as January is typically a slow month to start the year. Sales in January were 35 percent below the 10-year average for January, not surprising after the year we had in 2018. With 4,980 new listings in January this year, it was 27 percent up from January 2018 and only up 3 percent from the 10-year average. Total sales for Greater Vancouver in January were 1,864 – up 6.5 percent from January 2017 and up 6.4 percent on the ten-year...

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Categories:   Market Update
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