The market is currently undergoing a significant transition from the lofty highs of earlier this year!
The combination of the 15% buyer tax and recent changes imposed by the federal government on high ratio mortgages and foreign investment have completely dampened an already slowing market!
Prices are softening and we have already seen evidence of a 10% change for many property types! As always there are many micro markets in each area and also so many different price ranges and property types that it really varies and a blanket statement cannot be accurately used to describe the overall conditions !
The greater Vancouver area still maintains its ranking as one of the most desirable places in the world to live and own property and in many ways the new rules just help solidify the stability of our market!