Frank Zhang

Integrity,Expert,Outstanding

Best buying opportunity 买房好时机

August's sale will be low, of course and as expected. We may even see a bit of price weakness for this month.

 

This is in part because of the 15% additional Property Transfer Tax enacted by BC government. This new and significant tax will certainly drive away quite a number of foreign buyers. Those who believe that foreign buyers would not care about the added expense are just ignorant. As the statistics suggests, this 10% of purchasers should be absent from the market in August.

 

The Tax should also have had a stunning effect for other people who are not subject to additional cost but are likely scared and have a short expectation.

 

August has traditionlly been vacation season and usually sees low sales volumn.

 

Overall, I wouldn't feel surprised if sales volume turns out significant smaller.

 

On the other hand, the big picture has not changed. Housing supply remains inadequet, interest rate at historic low and may get reduced even further because of Canada's overall economic conditions.

 

In another word, Vancouver's housing market will be picking up soon after the market breathes  away the tax smells.

 

I feel the next 1-2 months would make the best buying window.

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.