Housing Market Update (December 2018)
By BCREA Chief Economist Cameron Muir regarding the November 2018 statistics
With the benchmark for apartments at $767 thousand dollars, we repeat our call to the provincial government to adjust the $525 thousand dollar threshold exempting first- time home buyers from the Property Transfer Tax. This would better reflect the price of entry-level homes in our
region.
Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in …