Demand for Real Estate Remains Consistent. For Now.

(February 03, 2017 )

It may be snowing outside but there’s still some heat in the housing market. Granted, it’s not like what was happening this time last year. But there’s still multiple offers occurring and many properties are not languishing on the market for very long.

The cooling from last year’s levels is likely due to the B.C. Foreign Buyer Tax and China’s recent tightening of currency transfers to offshore accounts. Those two pieces of legislation have brought our market activity from last year’s “crazy” levels to a more normalized level, but there still was lower inventory levels last month (Jan. 2017) than January of the previous year, so home sellers are still enjoying a favourable market…for now.

Buyers:
While it’s certainly encouraging to see a relatively healthy market in our region, it’s a more complex market for buyers. Some homes are still getting multiple offers and since it’s crucial for sellers and their realtors to be smart with pricing, it is also important for buyers to consult a professional and be ready to pounce on the right property. Time is still of the essence.

Sellers:
There’s a number of factors out there that are starting to suggest that we may see even more of a downturn; the Trump effect, policy changes from the B.C. and federal governments, employment levels and even less migration from other parts of Canada, specifically Alberta, where the unemployment rate is now beginning to fall.

If you’re thinking of selling you should act quickly. There’s no true gauge of what’s going to happen in the near future but watch the news for a half hour and you’ll realize that the winds of change are coming, probably sooner rater than later.

Best advice:
If you’re thinking of a move, you’ll want to get your condo, townhouse or house on the market quick and get a firm offer with a 30-60 day close. Then, should the sales start to sputter, you’ll be sitting pretty as a buyer in a softening market. A golden opportunity. Give me a call at 604-626-8250 or message me and let’s get the ball rolling.

Fraser Valley Real Estate Board's latest statistics package is available for download here.