RE/MAX recently did a survey, conducted by Leger, they found more than 1 in 4 Canadian home buyers report that they are feeling the pinch that the new stress test, which came into effect in January 2018. Good news, the projections for the RE/MAX western Canada Spring 2018 market shows optimism with most markets expected to improve.
The RE/MAX western Canada Spring 2018 market, the residential sale price has continued to increase. The GVRD saw prices increase almost 11% in January and February to $1,051,513, up from $950,184 during the same period in 2017. Despite a reduced amount of unit sales, prices are expected to continue rising. Victoria is proving itself to be a seller’s market compared to the GVRD, it has also seen an increase in average residential sale price, which was $831,000 in January and February this year compared to $761,000 during the same period in 2017.
The expectation is that the government intervention and the introduction of the new stress test will continue to play a pivotal role in people’s purchasing behaviour as we look to the months ahead. The Leger survey found that 4 in 10 buyers have had to compromise on their purchase, and almost one in three opted not to purchase altogether. 1/4 of buyers compromised on the size of their home, while 18 per cent made concessions on the location of their home.
Despite these compromises, 55% of home buyers say they feel like they can purchase the type of home that suits their families’ needs compared to 46 % last year, which shows amazing growth in the RE/MAX western Canada Spring 2018 market.
There are many new residential and commercial development projects in markets across the country are expected to fuel demand. In the RE/MAX western Canada Spring 2018 market many cities will be impacted, and those will include Edmonton, Kelowna, Victoria and Fraser Valley in the West and Windsor, London, Hamilton-Burlington, Barrie, Durham, Ottawa, Saint John and Halifax in Central and Eastern Canada.
Despite all of the factors involved, the spring 2018 market across most of the country is forecasted to strengthen as we head into the warmer months. Supply is still low in many markets, and while the prices may not reach the same levels as this time last year, we are expected to see continued healthy price appreciation from the earlier months of this year across many regions in the country.
I have been trained and inspired by some of the best in the industry and specialize in Ocean Park, White Rock and South Surrey. I have dedicated myself to learning and growing by continually taking additional courses to stay on the leading edge. I uses my experience to proactively address details to ensure each transaction runs smoothly. I work to initiate communication in every step of the transaction, from the first phone call all the way to the close of the deal.
Curious as to what your area (Ocean Park, White Rock and South Surrey) and the homes there are worth in the current market? As market trends affect every home and local area differently, let me help you figure out your home value and it’s relation to the RE/MAX western Canada Spring 2018 market. By working together, I can help you make informed decisions about your property, your financial future and your families needs.
If you are currently in the market to downsize? I have a great deal of experience with downsizing and I will ensure that you make informed decisions for yourself, your future and help you live your best life!
Call me today for your FREE home evaluation, without a home visit! Yes, it can be done without a home visit, based on trends, the local market reports and the comparables in your neighbourhood.
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RE/MAX Colonial Pacific Realty Serving Ocean Park, White Rock + South Surrey RE/MAX western Canada Spring 2018 market report