In the article “Vancouver Real Estate in Review 2017”, real estate agent and industry blogger Steve Saretsky reports that the average price of detached homes in Vancouver fell 6.5 perfect last year. He said that single family home sales have been soft for about 18 months.
He gave two reasons for this drop in price. One is the reduction of foreign money coming into the housing market. Between the new mortgage rules and the foreign buyers tax, less overseas money is present. The second reason is that, because of the weak sales, there are now more houses on the market, lowering prices.
According to Saretsky, more investment is going into Vancouver’s booming condo market. As the condo market skyrockets, and prices do the same, now the best time to buy a detached home because the prices are closer together now than they’ve been in a long time.
Saretsky is predicting that housing prices will continue to drop in 2018, but he’s not ready to say that the bubble has burst.
This news is great for someone who is looking to hire a home builder in the coming year. Lower detaches housing prices mean that it’s now cheaper to get that perfect piece of property that you want to build your dream home on. With less people buying, especially with less foreign money coming in, a buyer has less competition when making that bid.
For home owners looking to renovate, now may be the perfect time to upgrade their homes and make them more valuable in the future. With property values going down, an owner may not want to sell and lose some of the potential equity in their homes. By renovating, they can invest in this long-term possession and see their future value dramatically increase.
If you’re looking for a home builder to either start from scratch or renovate your home, contact Clay Construction, where our years of experience and knowledge will help make your dream home a reality.