Hello WeLoveEastVan.com readers!
Let’s dive into our monthly update. The market has remained busy the last month, with subject free offers and big prices being the norm, though the big news comes from the political world. The recent BC election has concluded* with and NDP and Green Party Coalition, ending the BC Liberals run of majority leadership (*its not official yet, but it should be soon).
My thoughts on this are if the Liberals were elected, nothing would change from a real estate perspective since the Liberals already instituted a major change last year in the additional 15% Foreign Buyers Tax.
Now that the NDP and Greens have formed a Coalition in agreeing to work together, it’s hard to say exactly which policies they’ll institute with respect to the real estate market.
The NDPs proposal included working towards better landlord/tenant relations, curbing absentee speculation and increasing supply through building more housing on provincial land. The Greens proposed similar ideas, in addition to increasing the Foreign Buyers Tax to 30% and introducing a speculation PTT to curb property flipping, which would be two big changes.
My thoughts on this new Government Coalition is that the NDP will support the Greens environmental policies, and the Greens will support the NDPs other policies, so I imagine we’ll see changes to the real estate market in line with what the NDP proposed, which are not as explosive as what the Greens proposed and likely won’t directly affect the average Buyer.
It’s my guess that the first few policies the new Government institutes will have to do with absentee owners and speculation, which I would be happy to see, though I don’t think it will have an impact on the current market.
Now, onto what’s happening on the ground! Here are the numbers.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Sales to Active Ratio:
Home Price Index (HPI) Price:
Check out out more detailed look into the East Van condo, townhouse and detached market:
The Real Estate Market normally dies down over the summer – everyone is too busy enjoying the weather to list their home or buy their next one! – but I expect this year to continue to be fairly busy until sometime in August. With the uncertainty in the future along with it being a Sellers Market, I expect a few more Sellers to start listing their properties sooner rather than later, and seeing more inventory on the market would be fantastic, and would give Buyers a little more negotiating power.
To all the Buyers out there, I’ve had a couple clients recently who have gotten lucky with bully offers and forgotten listings, so keep your head up! The opportunities arise if your finger is on the pulse, and if you’re in contact with a great agent.
If you’re thinking about selling your home soon, talk to us! We’re a highly qualified team with a thorough marketing and sales plan to ensure a successful sale. Managing a multiple offer situation takes skill, organization and good negotiation skills to make the most of it.
As always, if you want to chat real estate, shoot me an email