North Vancouver Real Estate Market Uncertainty as Government Attempts to Slow the Frenzy!
Housing Market UpdatePublished: 2016-09-16 at 16:44:50
After unprecedented market value gains over the past year and the concern that the increase in demand from Foreign buyers was causing the residential real estate market to climb out of control, the Provincial Government introduced the new 15% tax on real estate purchases by Foreign Buyers on August 2nd in an attempt to slow market conditions. It was an interesting time to for the Government to introduce the tax as August is historically a slower month for sales, and the market generally calms down during this period without any outside influence. It was also surprising that the tax was made to apply retroactively to any deal completing after August 2, 2016, even if the contract was written and became firm and binding long before the August 2nd start date. This has created further uncertainty as to which direction the market will head through the fall season, but we have already seen far less sales activity (especially in the Detached home segment) through August and early September and the inventory levels have begun to rise. The next 30 to 60 days will be crucial to determine the direction the market is heading, but if the trend of higher inventory levels and more cautious Buyers continues we will see the market return to more balanced conditions and the frenzy and competing offers situations will decrease. We are now 8 months into having the ability to shoot aerial marketing photos and video of our listings and are finding this a great tool to further expose your home to the market. Please check out the featured listings tab on our website to view the virtual tours, interactive web brochures, floor plans etc. of some of our recent sales. Thanks very much for your support and referrals of family and friends, and now more than ever in these volatile conditions if you are considering a move in the next 12 months please contact us for a complete analysis of your home and market conditions.
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