More than ever before, people are leaving Greater Vancouver for other parts of the province, and the reason? Simple. The real estate market is a lot more affordable in other area of British Columbia. It’s easy to assume this 2017 Vancouver Real Estate Trend is just older people cashing in on their properties and moving to Vancouver Island or more northern BC communities. The truth is, it’s also younger people who are leaving for more affordable housing.

If you are a first time Vancouver home buyer, looking to purchase a detached house, unless you’re already in the market, it’s a pretty difficult thing to do.

Here is what is happening

Vancouver Housing Statistics

 

If you have a look at these 4 Real Estate Markets we selected, you can see that on the Westside of Vancouver the market is up less than 1% from last year. Vancouver East is up only 1.8%, Richmond 1.5% and if you’re in Ladner you’re down almost 5% over the last 12 months. The reason for this trend is primarily the foreign buyers tax which has slowed the detached housing market considerably since being implemented in August of last year.

 

For more information on the Foreign Buyers Tax go to : https://news.gov.bc.ca/releases/2016FIN0034-001354

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Now, below we take a look at what’s happening in other parts of the province. You can see that Kelowna Real Estate Market is up 14%, Campbell River up 21% Comox market is up by 22% and Nanaimo 19%. This is just the beginning of what we’re going to see happening all over the province of British Columbia as the Vancouver Market becomes more and more unaffordable.

An interesting point of note is the Vancouver condo and Greater Vancouver townhouse markets are still very healthy.

If you have questions on this topic or need other Real Estate information we encourage you to call us at 604-240-1540

If you are missing out on the best Vancouver properties Jamie Hooper can put you at the front of the line.

Be the first to know about Real Estate opportunities in the areas of your choice.

 It’s FREE to Join…Click here

Buying or Selling a home in the Greater Vancouver Area contact Jamie Hooper and his team at https://jamiehooper.com | Real Estate Services