Vancouver sellers beginning to fret

by Grainne Burns28 May 2014

Vancouver home sellers are beginning to panic that they may be sitting on their luxury properties for a long time.
Despite Vancouver’s property market being in full spring, sellers at the luxury end are seeing no such activity.

The shock cancellation of the Immigration Investor Program earlier this year has been cited as one of the primary reasons for a lack of interest and sales. “From what I am seeing on the ground here, there is a noticeable lack of activity from the traditional group of buyers, most notably the Chinese,” says Realtor Russell Sharp.

“There is normally a whirlwind of activity at this time but the demand has reduced,” he tells CREW. “Sellers are definitely worried about the market, especially as a lot of new supply is coming onto the market.”

In the wake of the government controversially cancelling the program, average house prices in the greater Vancouver area suffered their biggest month-on-month fall record in March, plunging more than 11 per cent.

“When you cancel 69,000 visas at the one time, you are cutting a huge supply into the market,” adds Sharp.
However, he says that many Chinese investors are actively finding ways to bring their cash into Canada through other routes which may help the Vancouver market in the coming months.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?