The current late spring market is definitely quieter than some previous years. In all sectors; detached, condos & townhouses we see increasing supply, less sales, longer days on market and softening of prices.
According to Ashely Smith, REBGV president, “Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing. Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”
“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”
That being said, the Squamish market is more active that the Lower Mainland market. For homes that are priced well, we are even seeing a few multiple offers. Now more than ever Sellers need to price their homes sensitively otherwise the savvy Buyers are moving on and hunting for deals.
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