The 2019 market offered up downward pressure (see what I did there?) on prices and RECORD low sale months, but values that ‘feel’ as if they might have reached bottom. (Subject to whatever new taxes the GreeNDP may pound the market with.) Market values have proven more resilient than governments might have wanted as the lower one goes in price, the less values have changed. As in any market adjustment, the ‘top of the triangle’ has taken the greatest hit, making ‘now’ a tremendous time to upgrade, to pick up acreage, or actually shop for the right home. There is choice today, something not available in recent years. So, we’re in a somewhat balanced market, a market we prefer for our Clients.
2020 Market Thoughts
2020 may start to perk a little more urgently as downward pressure on already low interest rates remains and the reality of 50,000 people moving into the Lower Mainland every year cannot be ignored. Despite the record low sale months in 2019, we have seen sales pick up significantly towards the tail end of the year, setting us up for an always interesting turn into the new year. The constant in real estate is ‘don’t wait to buy real estate, buy real estate and wait.’ The market will always move up in the Lower Mainland (and more than ever with population growth) as Canada becomes one of the most attractive places on the planet to live.
Never hesitate to call when you need a current, professional opinion of your real estate situation or needs. No pressure, no obligation, no baloney. Ever.