Robert Valeriote 604.880.1300

Newsletter E-market update

March 08, 2019

March 2019 Newsletter

A re-balancing market...in many different ways

 

Despite all the real estate news about our market having slowed down the past several months, the population growth we are experiencing in B.C. is certainly going to put pressure on our housing market. Did you know that B.C.’s population topped five million people in October 2018? That’s was .49 per cent increase in one quarter. Despite the real estate market slowdown Vancouver’s population growth hasn’t, and that will impact housing options in the future. Net migration to the Lower Mainland is expected to increase from 33,000 in 2016 to a peak of 46,000 in 2023. Housing starts are expected to decline in Metro Vancouver over the next two years. Increased government regulation and taxation, elongated development timelines, increasing approval timelines and municipal bureaucracy makes it challenging to produce housing in our cities.

Along with the population change there will be a demographic change as well. In the next two and a half decades the region’s seniors (65 and older) population will expand by 89%, while its working-age population will grow by 33% and the number of children expands by 18%. Migration will become the predominant source of growth in the working-age segment; those responsible for paying for Canadian services.

What we need to acknowledge is that our housing market has re-balanced. Borrowing costs, price fatigue and government policy have all worked to push the market to where it is today and, there is lots to be optimistic about with rising demand, reasonable interest rates and strong economic fundamentals. The current anti-business policies and tax-us-to-death agenda will not be here forever.

Locally I have noticed a big increase in the number of buyers attending open houses in the past month. There appears to be a pent-up demand, with anticipation that the market is about to get busy. It’s a great time to be a buyer right now, but who knows how long this buyer’s market will last.  Let’s see what happens this spring! I expect a bit of a bounce back.

I offer:

  • Over 20 years of experience in your market area.
  • Professional and honest expertise.
  • A full service and extensive marketing plan to maximize the sale price of your home.

Robert Valeriote
when it is time to sell…call me first!!!

Robert Valeriote, Vancouver Condo

View the current Vancouver Condo Real Estate Listings

 

This communication is not intended to cause or induce a breach of any existing agency agreement.


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