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