2016 has been an extremely dynamic, unpredictable, and entertaining year in the real estate industry. Now that the year has come to a close, we wanted to write an article specifically relating to what the public wants to hear. We believe that the public wants to hear about 3 key topics, the past year of real estate, the present market, and the future for the industry moving forward. This leads us perfectly into our first topic, what to expect in the 2017 market.
FUTURE: 2017 looks to be a transition year in real estate. 2016 was pandemonium with everyone buying and selling at an extremely fast rate. This coming year, we will likely see the emergence of younger buyers in the market, with many people taking advantage of the new Government assistance that will increase the sales of condominiums and townhouses. The sales of residential detached homes will continue to have the biggest difference when compared to early 2016. However, as the townhouses and condominiums increase in demand, this demand will continue upwards and even detached homes will begin to increase again in sales. Will it be like last year? Unlikely, but will it still be very busy? Definitely.
PAST: Well we will just briefly touch on the highlights of the 2016 year in Real Estate. As previously mentioned, we had the emergence of the busiest year in history. Followed by the skepticism of “the bubble”. Government interventions Highlights:
February 15th: Increase to the minimum down payment for first-time buyers for homes above $500,000.
March 17th: The Property Transfer Tax Fairness Act is introduced requiring Property Transfer Tax to be paid on every “shadow flipping” transaction as well as the final sale.
June: Emergence of “the Bubble” from the federal government.
August: Foreign Buyers Tax is implemented and changes the industry.
October: Stress Test is implemented, having huge implications for first time buyers.
December: Christy Clark announces new loan program where government will match down payment of up to 5%.
Well, considering it is the end of the year, it is all about setting goals and resolutions for this year. With that in mind, we want to open up and share with everyone what our personal goals are for 2017 and hope that others will do the same.
Chad’s Goals are:
- To constantly improve his knowledge and skills regarding Real Estate.
- To contribute more to his community in any way he can.
- Finally, Chad’s last goal is to win the Rookie of the Year Award for the Fraser Valley Real Estate Board.
Hollie’s Goals are:
- To connect consistently with my past clients and friends to be sure they are up to date on the current real estate activity and to provide answers to any questions they may have.
- Be more accessible and if any call is missed to return as soon as possible.
- Stay on top of the current listings and sales so always well informed and can pass that information along to those that are getting prepared to sell their home.
- Fine tune the social media aspect of our business so it is even better.
We are extremely excited about the upcoming year and can’t wait to see what 2017 has in store. We urge you to join us as well! Please comment below this article and tell us what your goals and/or New Years Resolution is for 2017!