BC Housing Expected To Cool In 2019

BC Housing Expected To Cool In 2019

Jan 24, 2019 | Local, Real Estate

Reports from market watchers claim that 2019 could be one of the more affordable years to buy a condo in B.C., thanks to the increased supply and regulatory measures that have contributed to suppressing home sales.

The Real Estate Board of Greater Vancouver reported a nearly 43 per cent decrease in condo sales, townhouses, and detached homes in October, compared to sales in November of 2017. Some economists claim that the driving force behind the downward turn is due to more stringent mortgage qualifying requirements, and higher interest rates.

Homeowners can expect to see increases of five to fifteen per cent for assessed values of single-family homes. The valuation assessments are already underway, but the B.C. Assessment has already said that the softening market has lowered some valuations in Metro Vancouver.

Contact me to learn more about what to expect from Kelowna’s condo market this year, and start searching for your new home today!

Additional Reading

May Heats Up the Market

    While most of the Canadian market is slowing down and showing signs of a pricing decline later this year, the month of May had the best sales activity yet. Although affordability continues to remain questionable, reports indicate that housing prices are decreasing...

Affordable Homes Leading The Way

    The trend across most real estate markets in British Columbia all seem to be affected by the cooling housing market. Fortunately, one area that’s on the rise in recent months is our beautiful city Kelowna, particularly for properties valued in the $500,000 range....

Mortgage Rates Fall As Bond Yields Drop

    As fixed mortgage rates continue to fall over recent weeks, what’s become good news for some Canadians has become bad news for others. While the cost of financing mortgages has gotten cheaper, mortgage-holders are the unexpected contributors to some of the gloom...

250-470-0377