[:en]Here at the Quick Pass Master Surrey Real Estate School , we want to do everything we can to properly prepare you for passing your real estate licensing tests and get started in a great new career in realty. That means not just understanding the legal aspects of real estate sales practices and the laws, but also keeping an eye on future trends.
And so far, the trends for 2017 in British Columbia, and particularly Vancouver, are interesting to say the least!
The Quick Pass Master Surrey Real Estate School Looks at Vancouver-Area Trends
It’s no secret that property in Vancouver has gotten expensive in the last few years. In fact, we were recently ranked as the third most unaffordable property market in the world. While, on the face of it, that might seem like good news for local realtors, some suggest that the local property market may be developing into an unsustainable bubble.
In response, the British Columbia provincial government has recently taken several measures to allow municipalities the ability try to dampen rising property prices. This included an additional 15% tax on foreign nationals buying property, which Metro Vancouver adopted, as well as an initiative to provide up to $37,500 in low-interest loans to help first-time home-buyers afford down payments.
However, the effect of these programs so far has been mixed. Sales are down compared to this time last year, but prices have not followed suit. In some markets – like condos – prices have gone up even further. Many in the realty market think this is simply a reflection of there being too much demand for too little supply, a situation that will inevitably drive prices up almost regardless of what the government does.
What does this mean for Vancouver-area realtors?
Well, basic economics suggests that it will increase competition between realtors, and we may even see them reducing their rates to remain competitive. When prices are still high, they can afford to lower their percentage a bit! They may also have to engage in more outreach and education, chasing down buyers and using education -such as in the down payment loan program- to talk them into sales.
Get Your Real Estate License on The Fast Track
Looking to jump into this highly-lucrative market? The Quick Pass Master Surrey Real Estate School offers fast-track real estate licensing courses that accelerate the process. Contact us today to learn more![:]
