what's up with our market?



Looking back on the past year market activity differed considerably based on property type.

North Vancouver total sales were off 8% from 2016 and down 17.5% from 2015....but prices continued to rise; detached homes up 5.6%, townhomes up 15% and with the biggest gains found in condo's up 20% from 2016.

West Vancouver total sales were down 29% from 2016 and 43.5% from 2015. Prices were mixed; detached homes minimal change, townhomes up 12% and condo's up 25% from 2016.

Bottom line our local real estate market has been transitioning since the implementation of a regional 15% August 2016 foreign buyers tax. It may likely be further affected by recent, tighter mortgage regulations that came into play on the 1st of January and expectations of rising interest rates as the new year unfolds.

There were a couple of rates increases last year and none for a couple of years prior.

2018 market forecasters vary on where prices are heading.

Whatever the market.....seller's, balanced or buyer's.....one just needs to know how best to take advantage of it!