MARKET FACTS – What every Professional Agent should know

SALES:
There were 514 sales of detached (725 in 2017) down 29%
136 attached (234 in 2017)
126 land (313 in 2017)

Market Peak: 2016: over 900 detached sales
Market Low: 2000: 400 detached sales
Average Year: 500 – 600
Busy: 650 – 750

BENCHMARK – DETACHED
613K up 5.8% from $580K

LISTINGS
995 Detached (997 in 2017)
214 Attached (255 in 2017)
Market Peak (a count of current listing): 700
Market Low (a count of current listings ): 175

Upside Pressure – Factors sustaining market activity
Listing shortage, especially in and around Benchmark Price of detached, also attached
Large price difference with Vancouver
Interest rates still low
Economic numbers in Canada currently fairly strong
Coast lifestyle still attractive

Downside Pressure – Factors working against market activity
Interest rates slowly rising
New mortgage rules requiring borrowers to qualify at 5 yr rates even if they’re going 1 year term
Foreign buyers tax
Speculation Tax
Prices at all time highs
Some economic uncertainty on horizon, re resources sector & federal gpv’t stance
Media – buyers more wary of market