2016 Vancouver Real Estate Market Update

Happy New Year Everyone!
2016 has been quite a roller-coaster in the real estate market and the overall industry. For us as Realtors, it felt like there was a tsunami! Buyers were frustrated after writing offers on 7 different properties, and came to realize that another buyer offered $100,000 or more on top of their offer. Sellers sometimes were disappointed as they expected to get more over asking price (i.e. instead of $100k over asking price, they wanted $200k!).  Some sellers were frustrated after selling their homes and couldn't find a home to buy. They were chasing home after home to see that the prices kept going up.  Some investors took advantage of assignments and made some pretty hefty $$$$ (If you haven't heard any stories about the assignment issues you can check out the link below:)

It was very stressful for honest realtors who were trying to give prudent advice to their clients (I'm glad that 2016 is over). Now that we have all survived 2016, we are excited to begin 2017.  I hope all sellers, buyers, investors, and Realtors are wiser and learned something from the 2016 real estate market.
Now everyone is wondering; where is the market trend heading in 2017? Unfortunately, no one has a crystal ball, but if you plan your goals based on honest and professional advice, you will achieve better results than if you plan your goals based on news or hearsay.  Overall, it seems that the market is more active in the lower price ranges for apartments and townhouses.  We also see more activity for detached homes less than $1 Million.  So far, there is less demand for new detached homes.  We will have a better idea in the next few months where the market is going to stand.  As the weather gets better, more sellers will list their properties and hopefully more buyers will enter to match the supply.  If the buyers do not step in, we might see more price reductions in higher price ranges.
We are committed to provide you with the most recent statistics and honest advice.
If you are thinking of moving from your current place and confused as to what to do and where to start, we can help you to learn more about the insight of the market and also evaluate your home. 
At the end of our meeting, you will have a good idea with an analysis of the risk and reward ratio of your move. 
This will help you to make a better, well informed decision!
Are you curious how the real estate market trends are changing in your area whether you live in Greater Vancouver or the Fraser Valley ( ie. Coquitlam, Burnaby, New Westminster, Vancouver, Surrey, Langley, Richmond, Delta, North Shore) ?  We can email you a detailed monthly market report for FREE, with no obligations; But we do appreciate it if you refer your friends and family members if they are thinking of buying, selling or looking for prudent advice!
I hope 2017  brings you more happiness, good health, and lots of success for you and your family!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.