As per President of Real Estate Vancouver Board, real estate market for detached homes in Vancouver have softened too much that it is “starting point to enter the buyer’s market territory.”
According to data revealed by REBGV i.e. Real Estate Board of Greater Vancouver, detached homes sales were down by 39.4% in February as compared to the same month during a year before. When the Bubble Bursts in Canadian Real Estate Market you can go through this book to know that how can you survive the Crash.
Jill Oudil, president at REBGV said that segment of housing market in Vancouver is not as busy. As a realtor, everyone can see that when its working.
There are number of factors which are conspiring against housing market in Vancouver now these days, which include foreign buyers’ tax which was introduced in year 2016, a new “stress test” and rising mortgage rates for borrowers which raised bar for the mortgage qualification.
But as per Oudil : Prices have grown astronomically too high. Benchmark price for a detached home in Greater Vancouver was above $1.6 million in February, which was up by 77% in last 5 years. A Little Book of Real Estate Investing in Canada is available to know more before investing in Canada.
Benchmark price of February remained unchanged from a month before and down by 0.8% in last 6 months.
Those high prices that still have pushed number of home buyers into condo market in the recent years, just helping to
explain that why the condo prices have grown up too faster as compared to the detached home prices over last year.
Oudil said that when they have to look out at overall real estate market, it is too busy as a whole.
Condo market getting stronger, but very slowly
As per REBGV data, Condo prices are getting stronger over last year.
Benchmark price of a condo of $682,800 is higher by 27.2% earlier than a year, and up by 2.6% in the past month.
But this segment of real estate market is showing some of the signs of slowing down. Sales were lower by 7.1% in
February than same month earlier a year.
Oudil noted that condo market remains very firmly in the buyer’s territory.