Move-up buyers are in a great position to sell their current smaller home such as a condo or townhouse at a strong price, and make lower offers with subjects on detached homes, for which there is now less competition.
Reason is due to the newer government policy constraints such as the 15% foreign tax which are expected to slow housing demand by more than 15% due to the limited numbers of eligible buyers.
B.C. Real Estate Association is predicting average home sales prices will drop by as much as 8.7 per cent next year in the Vancouver area and across B.C. This drop will be mainly in the detached market while condos & townhomes should remain stable with slower price increases.
The supply of homes for sale, especially in the condo market, is expected to trend higher next year as moderating demand is met with added new home completions.
Contact Pedro at 778-999-7325 for any further questions.