So far this fall, sales activity continues to track at essentially typical levels. Buyers appear to be back again. This continues to be noteworthy as this follows on Vancouver’s biggest slumps in recent history. This slump first showed up in March 2018 and continued until summer 2019.
The condo market has flattened out and is balanced. Prices are holding steady. Houses seem to have also flattened, in part because of low supply. Many house sellers have opted to avoid selling at least for now until there are more active buyers that can afford houses.
There is talk of a policy update affecting the recent first time home buyer incentive. The change would basically make it so that it applies to more expensive property given that the current policy basically does nothing to help first time home buyers in expensive Canadian markets like Vancouver’s.