An update on the Vancouver Real Estate market for the month of February. Vancouver detached sales hit a 27 year low, just 130 sales recorded for the month of February. Inventory is building, allowing for downwards pressure on prices.
The condo market remains resilient, although sales were weaker, bidding wars are still prevalent and still applying upwards pressure on prices. Prices are up 23% on a year over year basis.
Vancouver condo Report February 2018: http://vancitycondoguide.com/vancouver-condo-report-february-2018/
In other news, the BC first time buyer loan program will be officially phased out as of March 31, 2018. I believe this is the right decision, but i’m not sure it will have any impact on the overall market.
Lastly, Canadian GDP numbers came in at a disappointing 1.7% growth, below the expected 2.5% from the Bank of Canada’s estimate. This likely means a pause on interest rate increases for now, but we will get more details on that in their next meeting in March.
Interesting to note, of that 1.7% growth, 1% of it came from residential real estate.
Here’s the article on the potential Canadian bear market, as Governments step in for reluctant central banks. https://www.themacrotourist.com/posts/2018/02/27/bc/