Sales drop in Vancouver but prices continue to rise?

New statistics released by BCREA has shown that sales of homes in Vancouver have dropped 8.8% from last year, but prices have actually increased by 2.2%

This actually makes sense because the supply is still at an all time low in the past 10 years. Less supply, more demand, higher pricing. We are seeing almost all neighbourhoods in Vancouver to be the same in pricing, as well as parts of Burnaby. Is demand strong enough that Richmond is next to be on par with pricing?

Read more about this article here. Let us know what you think!

Lift on 15% Foreign Investors Tax to come?

One of the most major things that we’ve all been talking about regarding real estate last year was the 15% Foreign Investors Tax. Did it slow down the market? Did it do what it was meant to do? What will we do with all that extra tax income? Although the answers to some of these questions will still remain unclear, Christy Clarke believes that the tax has done its duty to help correct the prices in single detached homes. Therefore, if there is a foreign investor planning on working in BC, and will be paying taxes, they can be exempt from the tax.

We are still unsure on when this exemption will start taking place, as well as any details that go along with it, but be sure to check in again soon!

Read more about this here.