007: Lower Mainland House Sales Are Cooling Off. Kate Miller Explains How To Get Your Property Sold

Marci Deane talks with Kate Miller about the current state of the North Vancouver real estate market, and how the foreign buyer tax is impacting the Lower Mainland. 

 

Introduction

Kate Miller is a realtor with Royal LePage Sussex with 5 and a half years of experience. She has been selected as one of Canada’s Top 100 Agents under 35, by Real Estate Professional Magazine. Kate talks about the current state of the market, and how the foreign buyer tax is affecting North Vancouver and the Lower Mainland. She also gives her predictions for the upcoming months, and shares some tips for sellers entering the new landscape of real estate in Vancouver. 

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Key points

  • [spp-timestamp time=”[spp-timestamp time="6:15"]″]  There are over 12,000 realtors in the Lower Mainland, and not all of them do their job properly.
  • [spp-timestamp time=”[spp-timestamp time="7:55"]″]  Kate talks about the foreign buyer tax.
  • [spp-timestamp time=”[spp-timestamp time="8:25"]″]  The market was already starting to calm before the tax was implemented.
  • [spp-timestamp time=”[spp-timestamp time="8:30"]″]  The tax caught everyone off guard.
  • [spp-timestamp time=”[spp-timestamp time="9:35"]″] 457 deals did not complete as a direct result of the tax.
  • [spp-timestamp time=”[spp-timestamp time="10:00"]″]  The government does not realize the tax will cause a domino effect.
  • [spp-timestamp time=”[spp-timestamp time="11:00"]″]  Many people who move to Vancouver on work visas are still affected by the tax.
  • [spp-timestamp time=”[spp-timestamp time="11:41"]″]  What’s your advice for the market in its current state?
  • [spp-timestamp time=”[spp-timestamp time="11:56"]″]  The tax has changed the psychology of sellers.
  • [spp-timestamp time=”[spp-timestamp time="12:25"]″]  West Vancouver has, only had 7 sales in the month of August 2016; last year it was 54.
  • [spp-timestamp time=”[spp-timestamp time="13:02"]″]  Condos and single family homes under $1.4 million are still active.
  • [spp-timestamp time=”[spp-timestamp time="13:32"]″]  The multiple deal frenzy has cooled.
  • [spp-timestamp time=”[spp-timestamp time="14:10"]″]  What’s your advice to sellers heading into the fall?
  • [spp-timestamp time=”[spp-timestamp time="14:40"]″]  With the end of multiple offers, you have to price your property correctly.
  • [spp-timestamp time=”[spp-timestamp time="15:00"]″]  Your home should be in immaculate condition for showings.
  • [spp-timestamp time=”[spp-timestamp time="15:57"]″]  The market in Vancouver should return to a more conventional market.
  • [spp-timestamp time=”[spp-timestamp time="17:50"]″]  You should interview at least 2 realtors.
  • [spp-timestamp time=”[spp-timestamp time="18:20"]″]  Ask your realtor about their statistics, and the statistics of the area you’re looking to buy in.

 

Contact Kate Miller