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2018 real estate market vancouver bcAccording to a recent report, the real estate market in British Columbia still remains bullish, despite slow September home sales. According to the British Columbia Real Estate Association (BCREA), the “downturn is largely behind” the industry, and things should be picking up soon.

Though drops were seen across the board, they varied depending on geographic location to a great extent. For instance, there were declines of 50 percent in Chilliwack and the South Okanagan. However, in the Greater Vancouver area, there was a decline of 43.3 percent, and only 16.7 percent in Victoria. In Northern B.C., there were only losses of about 9.5 percent, and a meager 5.4 percent in Powell River.

Based on the article, it does not appear that the commercial or investment real estate sectors have seen hugely negative impacts from the market trends. Cameron Muir, the chief economist for BCREA, said “My expectation is for sales over the next couple of quarters to trend higher, as long as the B.C. economy stays where it is. All our models are pointing in that direction looks like we’re in the trough of the chart.”

This is good news for those who might wish to invest in real estate across the market in Canada. Interested in getting involved? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to assist you!

 
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