What you should expect in 2017 is this: a continued “cooling off” of the single detached market on the higher end, a stabilization (with possible slight increases/decreases) of homes in the middle price point (or your “typical” detached home in your neighbourhood) and continued pressure and price increases on the lower price points (condos and townhouses). With the introduction of the BC Home Partnership Plan and the first time buyer grants that come with it, as well as a claw-back of some of the foreign buyer tax rules, you can expect to see continued pressure on the lower price points for the next several years even with the increases in mortgage insurance premiums. It’s simple supply and demand. The demand for strata properties is at an all time high, with several markets across the lower mainland seeing sales to listings rations in the 80-90’s, meaning that eight or nine of every ten strata properties that are listed will sell.
To read more or to view the full report please click here