Dramatic changes in the real estate market have shifted areas of the North Shore that were multiple-offer territory into a buyer’s arena.
What went up in a spectacular rise in the run-up to the real estate peak of 2016 is now on its way back down. The most dramatic changes have been in the market for detached homes, particularly for the priciest mansions in West Vancouver.
A combination of increases to the foreign buyers’ tax, and new speculation and school tax on luxury properties combined with changes in international currency rates and rules mean “foreign buyers have almost disappeared,” said Satnam Sidhu, with Re/max Crest Realty in North Vancouver.
There are still homes selling at the high end of the market, but “not like they used to be,” said Sidhu.
Some homeowners who thought they could sell their houses for $3 million and cash out and have discovered they can’t, are deciding to stay put, he said.
Those who gambled on a market continuing to rise are taking a financial hit, he said. “If you bought a home in 2016 and you have to sell it now, you’re going to lose money.”
