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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Soaring single-family home prices and sales in the city are having a knock-on effect in ski town, says Whistler real estate agent.
The money being poured into single-family homes in Vancouver’s wealthiest areas is having an unexpected but beneficial effect on the previously struggling real estate market in Whistler, according to a luxury real estate agent in the ski resort town.
Shauna O’Callaghan, an agent with Macdonald Realty, told REW.ca that the “secondary” effect of detached homes in Greater Vancouver going for record prices is that some of the families selling those homes are moving out of the city, with the proceeds of the sale funding their new “dream” life in Whistler.
“Generally we are seeing an increased influx in families, whether younger or older families, in Whistler,” O’Callaghan told REW.ca. “They tend to be Canadian families who have previously spent their weekends in Whistler and have recently benefitted from the sale of their Vancouver home, which is enabling them to live the dream in Whistler on a full-time basis.
“A typical scenario might be a family with kids who sold a West Side home for $3 million, and buy a similar home in Whistler for $1.5 million. The proceeds are enabling the parents to maybe work a bit less and enjoy the Whistler lifestyle more.”
O’Callaghan added that Whistler real estate activity has increased by 10 per cent in the past couple of years, and that housing inventory was getting increasingly tight in the resort town after a slow period a few years ago.
“We’ve seen a lot of new families coming in to live here full-time, and school registrations are up,” she said.
Empty-nesters are another demographic that is seeing an increase in Whistler, as older and retiring couples with adult children downsize from their single-family city homes to a more affordable Whistler property, and boosting their retirement coffers with the proceeds, according to O’Callaghan.
Published on REW.ca, October 29, 2015.
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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.
About Shauna
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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