One thing is for certain on the eve of the 2017 BC provincial election, the provincial government has very little control over the price of real estate. At this point in time, the media has very little idea of what’s happening in the market, which tells me that coverage of the “housing crisis” and discussion surrounding affordability of housing can largely be ignored. If the media can’t even be aware of a red hot market surge occurring under their noses, what good are they? All the editorializing and hot air being put out by media pundits really doesn’t amount to much if they don’t report on this hot market.
This is what has occurred since January 2017: The attached market has continued to be strongly in sellers territory in Coquitlam, Port Coquitlam and Port Moody. The all important ratio of sales to active listings went from “strong” in January and February, to hyper speed in March and April. In both those months, demand outsold supply causing significant price jumps. When listing an apartment or townhouse pretty much anywhere in the Tri City, expect multiple offers and crazy sale prices.
The detached market, which slowed down significantly after the August 2016 15% foreign buyers tax, suddenly woke up in March. Sales to active listings ratios doubled from February to April even while inventories climbed. How long will this last? One can only speculate. A change in government on May 9th will have an effect as buyers most likely take a wait and see approach as a hedge against possible policy changes listings.