MARKET OVERVIEW

Spring has finally sprung! The spring market is finally here after a long, grey, and wet winter! In March, all areas around Metro Vancouver have experienced a sharp increase in sales as the buyers came out in droves to look for deals on the market. According to the REBGV, “Last month’s sales were 7.9 per cent above the 10-year sales average for the month. “ The demand is far outpacing the supply, making it a strong seller’s market. Unfortunately, sellers have been reluctant to put property on the market, since many falsely assume that the Vancouver Real Estate market is still reeling from the foreign investor tax that was implemented in August of 2016. Nothing could be further from the truth! In fact, now is a great time to sell! Property values, especially those under $2.5 million, are now well above their January 2017 tax assessments, which were based on the peak of the market last year, in June. For more detailed look at the market, please see the market update (http://www.rebgv.org/sites/default/files/2017-01-March-Stats–Package.pdf) from REBGV. If you’re curious about the current value of your home, please go to www.teamcityhomevalue.ca (http://www.teamcityhomevalue.ca/) or book a detailed consultation with one of our team members.