2019 Vancouver Real Estate Expectations

Today it’s December 20th, 2018 and the majority of people are already in their respective holiday mindsets. Ready for vacation and eagerly watching the office clock countdown. In respect of that feeling, this week is a more ‘easy-breezy’ topic. We’ve kept the video short, sweet and to the point. Of course with some Jay humour involved, as to not disappoint!
2019 has been a highly debated year already and it’s not even arrived yet. A lot of people have come out of the wood work as Real Estate experts on what is going to happen in the industry. Of course these are all rumours as none of us - as far as we’re aware - have a crystal ball to determine this for sure.
Based on experience and the information we have in front of us, we have our own thoughts on what will happen next year, assuming nothing drastically steps into play to change the course of events. Remember, these are our thoughts and our thoughts alone.

Transactions will take place and sale amounts will rise. We’re at a low for number of transactions and when this happens, this stays for a time and markets correct which starts to reinvigorate sale numbers. A lot of people have been holding off purchasing in 2018, hoping they can get more of a deal on property in 2019.
This leads us nicely on to price. When transaction amounts are low, the market usually corrects itself in terms of a price adjustment. Those that need to sell, still need to sell heading into 2019. So we wouldn’t be surprised to see those prices reduce in order to entice buyers to make offers. Of course it doesn’t take an Economist to realise when a unit or two sell for a reduced price, this brings the price down on surrounding similar unitis. If you’re looking to buy a unit on the market for $750,000, but a very similar one sold a floor above for $699,000 ….. You’re not about to pay that $51,000 more without reason. The same goes for if you are trying to sell your unit, this higher price is no longer justified.
An increase. This month has seen a lot of people remove their homes from the market due to Christmas/New Year, along with waiting to make heads or tails of this market and what is going to happen. Once the holidays pass, transactions start happening, this entices people to start putting their units on the market. Add that to those people that are in a position which they NEED to sell, when they didn’t in 2018, adds to the amount of homes on the market.
Following what we believe to be a price reduction. This will entice buyers to start writing offers. From here we believe the market will stay buoyant for a time and prices will remain stagnant a.k.a at similar levels without a whole lot of movement.
As to how long this will happen, one can never know for sure. We’re predicting a couple of years, give or take. Unfortunately for those people looking to re-list or list their properties in Spring in the hopes the market will have started to move upwards again, could have a rude awakening we’re afraid..
AND THAT’S IT! Our Final blog of 2018.
We’re taking next week to enjoy time with family and friends and hope you’re all doing the same. Thank you for the year of support and we look forward to serving more of you in 2019! 

Merry Christmas and Happy Holidays to everyone,

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523