Market Update for February 29th, 2020

March 7, 2020

What is the market going to do? 🤔

We started February with flurry of activity- buyers were out and sellers were starting to get their homes on the market after the New Year. We had limited inventory but a lot of people wanting to buy, which brought on multiple offer situations. We hadn’t seen multiple offers since 2018 so this was thought to be a good sign in the market!

Unfortunately with the threat of COVID-19 the global economy is wavering, which in turn is causing our market to falter. Is COVID- 19 the cause of the market slowing? We can’t be sure, but when China shuts down cities and factories it directly affects us- our manufacturing is slowed (if not stopped altogether), distributors can’t get their products, employers have to lay off their employees, people don’t want to travel… the world takes notice.

At the moment the housing market is at a tipping point, there is a pent up demand of Buyers waiting for the market to hit rock bottom to get out and buy and of Sellers waiting for the market to turn around to relist their homes. With a 0.5% drop (50 basis points) in the stress test and more cuts to come, based on what experts are predicting, this spring is promising to be a good opportunity for buyers. I believe that if we get more inventory being listed it is going to get snapped up quickly and our housing market is going to take a turn for the better. With spring coming and buyers ready it’s looking like a great time to list your home! 🏡

Sunshine Coast is still the best neighborhood in the Lower Mainland, and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40-minute commute. ☀️

Call us today with any additional questions, or for a free market evaluation

Kenan- 604.885.7810
kenan@kenanmackenzie.com
Sarah- 778.989.1841 sarah@kenanmackenzie.com

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