Happy February Everyone!
The month of January is typically slow as people return to their routines and begin to face the aftermath from the holidays. With clenched teeth and shaking hand, we slowly reach inside our mailboxes in the hopes of only discovering junk mail and no bills! It's hard to think about buying a home when our accounts are dry, daylight hours are short, the weather sucks and the kids are returning to school/activities.
But longer days and better weather are on the way (today being an exception) and with that comes the spring market which is typically the busiest time of the year. There are already some signs that things are starting to pick up!
January was a slow month with sales only increasing slightly from December but still below historical averages. Inventory levels increased from December and so did the average number of days a home stayed on market. I've noticed that many new listings are entering the market at more competitive prices when compared to last year; this is good to see and shows that more sellers are understanding the advantage of sharp pricing.
Despite the slow start to the year, we are still encountering multiple offer situations especially with the more affordable housing options. Homes that are competitively priced are selling quickly as buyers are on the lookout for well priced homes.
A Special Announcement About TaxesOver the past few years, we have seen a number of new taxes aimed at cooling the market and discouraging investors from leaving houses vacant. These taxes are being enacted at all levels of government and have lead to some confusion.
Vancouver home owners will need to declare their property status by February 4th otherwise face a tax of 1% of your property's taxable value. Click Here to learn how to easily do this online.
The Sneg Mortgage Team recently wrote a very helpful post on their site that explains these taxes in more detail. Click Here to visit their site.