Real estate has been in the news all summer! The number of homes sold in August was at a more typical level than we have seen over the past few years but was very close to the 10-year average. We continue to have low inventory levels and a seller’s market. Prices in Greater Vancouver rose by 0.3% in the month of August.
Commenting on the 15% tax on foreign buyers, Real Estate Board of Greater Vancouver president Dan Morrison says “It’ll take some months before we an really understand the impact of the new tax. We’ll be interested to see the government’s next round for foreign buyer data”.
The Urban Development Institute Q2 State of the Market indicates the net migration to BC continues to exceed housing starts.
So, in terms of the market, not too much has changed but the fall will be very interesting!