After the tumultuous year we’ve had in 2016, what will 2017 bring us? In December, the average price for a home in Vancouver was $948,246. This is a 3.4% drop from December of 2015. But is this a good determination of the next months to come in the new year? It’s hard to say, as demand for a home in Vancouver is still immensely strong. The Vancouver market has always been ‘ahead’ in a sense that many locals feel their pay is not enough to keep up with the rising prices. Along with this, December ’16 has seen a 34.5% drop in the number of listings compared to ’15.
So what will this mean? Prices of homes are falling, the supply is also falling, but demand is still strong. To put it simply, these are the basic building blocks of a market that will continue to soar. However, this simply cannot be, right? It’s already been so hectic over the last year, we need some time to adjust! What we have been noticing is that people are starting to feel tired of the high prices, and the clamoring of people whenever something cheaper is listed. If demand slows down, we may see the market adjust some more.
For now, we’ll have to see what the spring time brings us.
Read more about this here.