Many Questions, Fewer Definitive Answers

Probably the most common questions I hear talking to people in Vancouver are “How’s the market doing?”…”Are prices going to keep going up?”…”Is there a bubble?”

 

Vancouver Real Estate Questions

 

When it comes to the real estate market, especially in Vancouver, there are always lots of questions and not many definitive answers. One thing is for certain, though: nothing compares to the frenzy of activity we saw in 2016. To compare the current market with what happened last year would be an apples to oranges comparison. In truth, the real estate market is affected by many factors including the stock market, the Canadian dollar exchange rate, changes to mortgage rules and rates, among many others.

 

Provincial Election Looming Over Real Estate Market

This year, one factor that may play a part in determining how the market reacts is the upcoming BC Provincial election. There’s no doubt that politics can play a part in shaping the course of real estate markets. Last year, the current Liberal government enacted the Foreign Buyer Tax which temporarily slowed market activity as people waited to see what consequences may result from the new legislation.

 

BC Provincial Election 2017

 

So far in 2017, inventory of properties listed for sale has been lower than has been typical in recent years. My opinion is that many people are awaiting the results of the election to see which party will be governing our province going forward. Who will be the new Premier and what involvement will they have in BC’s real estate industry? Last year’s actions by Premier Christy Clark showed people that the government can take action (ill-conceived as it may be) that affects the market, and people want to feel their investment in real estate is secure. An NDP-led provincial government may influence buyers and sellers to behave in one way while a pro-business administration may inspire more market confidence and encourage investment and upgrading to larger homes.

 

What Does the Summer Have In Store?

Demand is so pent up this year from a lack of inventory that a flood of new listings may make the coming summer a hot one for real estate. Let’s hope the weather is warm, too!

 

Do you have questions about what’s happening in the Vancouver real estate market? Would you like to know what your home would sell for and how it compares to other properties on the market? Contact me at michael@michaeltudorie.com or 604-910-7777 and I’ll be glad to provide you with a current market value of your property.

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No matter how much you love your current property, you may be dreaming of the day you can buy up into a better home in a better neighbourhood. Is that day today, or, is it a few years down the road?

 

Here’s a quick way to make that assessment:


Practical Reasons for Moving

First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms, proximity to work and school, a larger backyard with trees, nearby parks and walking paths and better access to things you enjoy like theatre.

 

Emotional Reasons for Moving

Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck, an easier and less stressful commute to work, more family time with the kids and enjoyable Saturday golf at a nearby course.

 

Financial Reasons for Moving

Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, average price of homes in your desired neighbourhood, and how much mortgage you’ll need.

 

 

Once you have all that down on paper, you’ll have a clear picture of your readiness. If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then you have your answer.

The time is now! Here are the latest market stats

 

Want to Know What Your Home Is Worth? Give Me a Call.

By the way, if you need help in making this determination – especially figuring out what your home will likely sell for, call or text today 604-910-7777

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