Market Update for August 2018 from Vancouver Realtor & Mortgage Broker Jessi Johnson
I am Vancouver realtor & mortgage broker Jessi Johnson and this is your market update for August 2018. It was the 5th straight month of 30% decrease in sales. We just had the slowest July in 18 years.
Summer is usually a quiet time in real estate but this year is exceptionally slow. Why do you ask? Higher mortgage rates, the newest stress test on mortgage approvals and the increased purchasing taxes.
Here are the averages of values for Greater Vancouver:
The average house is about 1.6 million
The average townhouse is about 850k & condo is about 700k
It is a great time to buy or sell and upgrade, call for more details