2016 has come and gone. We saw a lot of changes in the Metro Vancouver housing market towards the end of the year with several new regulations implemented. But even with a 5.6% drop in home sales, 2016 still managed to be recorded as the third highest selling year, just behind 2015 and 2005. Sales of detached, attached and apartment properties in the region reached 39,943 in 2016. The year kicked off with lots of record breaking months with escalating prices due to low supply and strong home buyer demands. However, the rise in prices also led to the government’s interventions with policies such as the 15% property transfer tax for foreign homebuyers and the home vacancy tax. The long-term effects of these new policies are yet to seen but as of December 2016, home sales have cooled off and we will just have to wait and see what 2017 will bring us.
A Year in Review
Blog by Marcie Panah BSc, MA Personal Real Estate Corporation | January 9th, 2017