Here we go! My much anticipated market predictions for 2016. Every year in Jan or Feb I give you my opinion on where I see the market heading for the year. The price of Vancouver homes continues to rise each month. We are well into record setting prices for pretty much everything from detached to condos. I would say just in the last 6 to 8 weeks the price of a detached home in Vancouver has gone up over 0,000. The question I get from people is, will this hot market ever end? The answer is yes, but we will need some sort of catalyst to trigger a correction. I see 3 possible ones out there: 1. An increase in interest rates 2. A major increase in inventory ( # of home available for sale) 3. Some new restrictive tax introduced by the Government. One or a combination of these 3, or some unknown event will need to occur before this rocket ride in prices starts to slow, level off or perhaps start to recede.
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