No doubt: we have seen a substantial decline in sales
No question that it’s much more challenging to sell a house today; condos seem to be doing better.
Any seller expecting “winter” prices → will not win in this market.
The buyers see the numbers; it feels like they may be wishing a little too hard for prices to drop substantially more.
It doesn’t look like this reset will be as ambitious as some people see it, when commenting on real estate blog posts. Some segments of the market are, in fact, picking up steam.
Buyers are active (you’ve heard it here first). The difference is that they are active with a new price point in mind based of their “new” mortgage affordability. But, this is keeping the market moving along.

A continued value dip is likely ahead. Still, Vancouver seems to have this larger-than-life resiliency. With some of the prices coming down, we see more and more homes and condos priced under $1-Million. This is real opportunity for first-time buyer families.
As I am sure you are aware of, a buyer who purchases a property for $1-Million or more must put down 20% to get a mortgage; this number certainly kills opportunity for many families.
On the other hand, if a buyer purchases a property under $1-Million, they can put down as little as 5%. That’s five percent. Much needed room to breathe.

We have a lot of local experience and success with this and can help you get out of that corner
Vancouver Investment Expertise | www.HarrisFirst.ca | Harris@HarrisFirst.ca
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The views and opinions expressed by Harris First in this commentary are his own, and not of Oakwyn Realty

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