To say the 2016 real estate market in Greater Vancouver was wild and crazy would be an understatement.
The first half of the year was insanely busy as the market exploded. Homes were selling as soon as they hit the market, often after multiple offers, without subjects and above list.
The Lower Mainland has always been a desirable destination for home buyers, but this was off the hook, unsustainable. The 2016 real estate market was already showing signs of cooling down to a more sustainable level when the B.C. government implemented its foreign buyers’ tax. Some areas, like Vancouver’s West Side, felt its chill immediately.
That created a bit of a domino effect that reached into the suburbs as buyers and sellers decided to step aside to see how the market plays out.
The federal government’s new mortgage rules further tempered the market by making it a little tougher to qualify for a mortgage.
Then, in December, the provincial government introduced its new loan program to help first-time homebuyers with their downpayment, beginning in the new year. It’s too soon to tell if the incentive will reignite home sales; but for young people looking to plant roots in their community, every little bit helps. And the Bank of Mom and Dad will no doubt appreciate the relief.
Garbutt + Dumas enjoyed a record year; we sold 140 properties for a total of $98 million. It was hard work. But we still managed to have some fun along the way. Because providing our clients with an enjoyable real estate experience is our passion.
That commitment to superior service will continue in 2017. In fact, we’re planning to kick it up a notch or two by keeping you even better informed about what we’re up to and what the market is doing and making the biggest transaction of your life even smoother and as stress-free as possible.
Thanks to all our clients for a great 2016. Thanks to our followers on social media and visitors to our website. Happy New Year! Bring on 2017!