Summer has arrived ! So nice to have the hot weather finally here.
As you probably know there have been a few things implemented by the Federal and Provincial governments in the past 6 months aiming to cool down the Canadian and B.C real estate markets. I get asked all the time if we are seeing any effect of these initiatives. I feel that we are starting to see the effects of these policies. I have seen a clear shift from a seller’s market to more of a balanced market at this time. The first indicators we see are sales volumes drop. In the month of June we saw a 22% drop in sales compared to June 2017 and a drop of 19% year-to-date compared to 2017. Here are some of the highlights:
- Days on market has decreased by 2% to 42 days in June.
- The number