Housing Prices Starting to Stabilize

Housing Prices Starting to Stabilize

Sep 18, 2019 | Local, Real Estate

Earlier this year the government introduced the Speculation Tax in an attempt to slow the accelerated housing price growth in the province of BC. Now, several months after this regulation was implemented, reports are claiming that, as of July, the average sale price of a home has declined 5.6 percent this year. Meanwhile, others claim that the tax is slowing down new housing construction and development, bringing adverse effects to local economies. So, what does this mean if you’re looking to sell your home this year?

While the tax affects over 12,000 homeowners in the province, it’s important to remember that there will always be exceptions to these decelerated rates. The Okanagan’s home sales have seen a lot of activity in the last few months, and these decreases are also relative to their pricing. In other words – while there may be a slight decrease at the moment, the long-term return on most housing investments won’t be affected by this change.

Working with a qualified REALTOR® is the best way to ensure the most return on your housing investment by finding you qualified buyers, while showcasing the true and deserved value of your property. Give me a call today to learn more about how we can help get you where you need to be.

Additional Reading

Active Listings on the Rise!

    Last month, the Bank of Canada announced that they would be lowering the mortgage qualifying rate for the B-20 Stress Test in hopes that it would allow more people to access the real estate market. This good news came after the BC Real Estate Association’s (BCREA)...

Mortgage Qualifying Rates Reduced

    Following a recent BC Real Estate Association report claiming housing sales would have been 10% higher in 2018 had it not been for the B-20 Stress Test, the Bank of Canada adjusted the qualifying rate for mortgages for the first time since 2016. Although May saw...

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...