Tissue boxes fly off store shelves to dry Vancouver home buyers eyes as Vancouver’s average prices bounce back.
Average Price 1977 – 2016
Yattermatters – Average Price Feb 2017
Vancouver Real Estate Average Numbers
|Feb 17 – $1,758,813
|Feb 17 – $827,893
|Feb 17 – $603,737
|Feb 16 – $1,816,487||Feb 16 – $747,069||Feb 16 – $530,915|
Vancouver Real Estate Inventory – Active Listings
|Feb 17 – 4,310
|Feb 17 – 1,031
|Feb 17 – 2,253
|Feb 16 – 3,452||Feb 16 – 750||Feb 16 – 3,097|
Vancouver Real Estate – Units Sold
|Feb 17 – 749
|Feb 17 – 404
|Feb 17 – 1,275
|Feb 16 – 1,784||Feb 16 – 604||Feb 16 – 1,790|
Governments decrees have attempted to control Vancouver’s real estate market. New mortgage regulations and Christy’s crunch – the 15% provincial tax on foreign purchases had an impact. To various degree these controls were effective in slowing sales to a crawl but, have not constrained the Vancouver average price juggernaut.
There are parallels in outcome to our southern friend U.S. President Trump’s alternate perspective of success. Without hard data to back up this opinion a casual overview of the government decrees appear to have delivered alternate outcomes. In Trumpian fashion the Vancouver market out did itself. Economic conventions suggest price and supply go hand in hand. So is it then a surprise to find supply squashed by government intervention resulting in anything other than a higher price? Accordingly, can buyers expecting a government helping hand in controlling the market, find their hopes crushed by higher prices express their deep frustration with anything less than exasperated tears.
Outside The Box
There may be hope. Some government agencies are beginning to recognize that controlling Vancouver’s real estate market is difficult if not impossible. With the goal of countering Vancouver`s non affordable prices one agency, VAHA, the Vancouver Affordable Housing Agency hereafter known as the TPK – Trailer Park Kids, sees Temporary Modular Homes – aka self contained Atco Trailers, as the answer. Their claim – low cost affordable housing throughout the city. The caveat – will Bubbles be able to afford the rent.