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Buyer Remaining Cautious in 2019


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Buyer’s Remaining Cautious in 2019

Through the first three months of 2019 one thing remains clear there is no urgency to buy.  Not long ago, prices in the North Vancouver market were growing 5 to 10% per year and buyer’s wanted to get into the market or they might not be able to afford to buy the next year.  We are now coming off 2018 where selling prices fell and buyers are now taking a cautious approach to the market in anticipation of prices continuing to fall.  Consequently, sales in all market segments are on the decline.  See chart below.

Affordability continues to impact buyers in all market segments.  At the top end of the market, the Foreign Buyer’s tax, the Speculation tax, and higher school taxes and property transfer taxes have impacted sales above $2 million.  At the lower end of the market higher interest rates and the 2% stress test have sidelined young buyers in all market segments.  Young  buyer’s are having difficulty getting the financing they need.

At some point, the market will turn.  This will happen when prices drop far enough that even with all the new taxes and rules, buyers can afford to purchase.  The buyer’s are out there, and they will buy once affordability and a sense of urgency returns to the market.

North Vancouver – average unit sales per month

Year

2015

2016

2017

2018

2019 YTD

House

123

104

87

57

49

Town/Duplex

44

38

35

28

23

Apartment

111

108

108

79

62

 

West Vancouver – average unit sales per month

Year

2015

2016

2017

2018

2019 YTD

House

90

68

43

27

24

Town/Duplex

9

6

5

4

2

Apartment

17

19

17

14

9

 

REBGV President Ashley Smith made the following statement this past week:

"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”

“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."

If you need a REALTOR to assist you with Buying, Selling or Investing, I am definitely someone you can rely on and trustFriendly introductions always welcome and very much appreciate.

Jeff Mulock

Sutton Group West Coast realty

604-512-2477

[email protected]

 

 

 

 

 

 

 



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