Spent the day with an economist reviewing the market numbers in all of BC to investigate what is happening.
Vancouver saw a 20% drop which mostly affected the detached single family market. This is not a surprise as everyone felt the market was grossly overheated in early 2016. Sharp declines have happened in the Vancouver Market before we saw steep drops in 1996, 2001, 2003, and even a softening in 2012. The Bc Foreign tax is among the world’s highest but less regulation or restrictions in BC as compared to other countries which have implicated similar taxes. Victoria seems to still continue to soar as many relocate out of the lower mainland. Click here to view the presentation:
Bryan Yu – Economic Forecast 2016
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Macdonald Realty was founded in Vancouver in 1944 and has continued to grow through the years and the changes in the real estate market. We’re solid, established and respected, with 20 offices throughout British Columbia. Today, we’re Western Canada’s largest independent full service real estate company, with Residential, Commercial, Property Management and Project Marketing divisions. And we’re still proudly BC owned and operated.
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As an agent with the largest realtor network in Canada, Macdonald Realty, Shauna O’Callaghan, works locally on a national scale. Shauna’s excellent reputation is the result of unparalleled respect for clients and market smarts.
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