Happy New Year! I am gearing up for a busy and exciting 2017.
2016 was my ninth year selling Residential Real Estate and it was my best year yet. With lots of hard work and support from my clients, friends and family, I SOLD 45 properties and did $34,920,000 in Real Estate sales. That puts me in the top 5% of Greater Vancouver Agents as well as top 1% of Century 21 Agents WORLDWIDE. Thank you for your continued support!
2016 Real Estate Market Re-cap
What a year we've had! Out of the gates in 2016 January was a sizzling hot market and prices jumped up on a weekly basis in both attached and detached markets throughout Metro Vancouver. Detached housing prices shot up 43% in some areas and up to 25% for condos. From the Assignment contract flips, the new 15% Foreign buyer transfer tax, Canada's new mortgage rules and the 'empty homes tax', 2016 was a tumultuous year indeed.
How does this transition into the 2017 Real Estate market in Vancouver? We have seen markets cool over the last 5 months in both attached and detached however over December 2016, there was a positive spike in volume and price is the condo market. Areas like North Vancouver saw a 100% sales ratio- every condo listed was sold. East Vancouver saw a 77% sales ratio and Downtown Vancouver sales ratio was 50%. These are extremely strong seller's markets. The condo market did not take a break over the holiday season! Mortgage rates continue their historical low but Economists predict mortgage rates will continue to climb next year.
Chinese New Year is Year of the Rooster, January 28th and we may see a surge in sales volumes and prices. Demand remains strong and supply is limited. The 15% foreign sales transfer tax might not deter the foreign buyers, Vancouver is just too alluring!
Average Price for Homes in Vancouver West in December 2016:
If you are considering a move in 2017, give me a call, let's chat! 604-417-4457