First time home buyers benefit from September home sales report

Azzaya Khan / October 2nd 2019

Condominium
(Pixibay)

The Real Estate Board of Greater Vancouver released a year over year sales report, showing an increase of 41.7% homes sold.

There is a higher quantity of development and new homes in the current market, compared to last September, which real estate agents are calling a buyers market.

Pete Schpak, realtor for Vuppi Real Estate Team, finds the first time buyers market is better then what it used to be.

“I had a listing on Tupper and 16th, that was priced well. And I received 21 offers for that listing. It still relies on affordability of the buyers, but the quantity is there” Pete Schpak, Vuppi Real Estate team realtor

Though September was a steady month, the real estate market is always goes through changes. One cause of those changes is politics.

According to indpendant Vancouver Realtor Mike Stewart:

“There are Over 30,000 Canadian passport holders in Hong Kong, so all those people can exempt the foreign buyers tax.

Mike Stewart Independent Realtor

Stewart believes that if those passport holders in Hong Kong leave for Vancouver the population increase will lead to significant sales.

October 2019 is projected to be much better compared to last October. Last year’s sales finished negative 37.5%. According to Schpak first time buyers might take a larger price hit in October due to the volume of sales over the past three months, leading to less homes being available on the market heading into October.

Dylan Grant

(BCIT News)