Where To Go From Here?
Moving forward, I believe that the best course of action would be to proceed with both positivity and caution. The rapid increase in pricing that we have seen over the last year, a massive 36.5% increase in the MLS Benchmark Price, is not a sustainable growth rate. Regardless of the knee-jerk reaction made by the government by ways of taxing foreign buyers, this growth rate could not have been maintained at its astronomical level. Had the government not intervened, the free market would likely have corrected itself, it just would have happened in a more gradual and manageable way.
In West Vancouver there are still numerous notable sales occurring each and every day, just not to the same volume as it once was. More than anything I would attribute the lower amount of sales to that of uncertainty in the market, Buyers are taking the “wait and see approach” rather than actively pushing to buy. This can leave the door open for those who are willing to break the hold pattern to proceed with caution and logical thinking.