Vancouver Real Estate News
I’m going to start off with a bit of a boring story I’m afraid but it strikes a chord personally as I grew-up in Canada & still have family who live in Vancouver.
Apparently, the price growth in Vancouver is expected to slow and even possibly reverse over the coming months. Certain analysts seem to have a bleaker outlook than others but they all seem to agree that there’s been a massive shift. The reason why there has been such an impact on Vancouver Real Estate is because there have been a number of recent federal and provincial governmental rule changes and the effect is starting to be felt in the housing market. A head analyst has stated that it will likely take around 6 months for the prices to catch up to the change in demand. There was a 32% drop in house sales in the Greater Vancouver area during September 2016 and things are expected to get worse before they get better.
There is a new 15% tax on foreign home buyers so that may be one of the significant reasons for the sudden plunge. It does however seem that these downward trends occurred months before the new taxation was implemented. It therefore looks like there are a number of contributing factors.
It seems maybe that attentions are being turned to other parts of Canada which are now seeing the opposite to that of Vancouver & are witnessing strong growth. Montreal is one of those Cities attracting attention. It will be interesting to see how things progress for me personally as a number of my family members could seriously feel the effects.