Rush to sell happening right now

People trying to beat the new capital gains tax AND proposed rental legislation that will make it harder to give notice to vacate to tenants

New listings last month were 29% higher than the April average

Real estate market in vancouver feels like it's losing velocity. New listing trajectory is outpacing sales.

Bid-ask spread is widening as sellers expected to list into a strong market this Spring and buyers feel like they have options.

Rate cuts are basically priced into fixed rates for the next 18 months.

Only variable rates are really supposed to come down.

IMO the first cut won't trigger much of a market response for this reason.

Greater vancouver real estate is a balanced market this spring.

Certain pockets of entry level detached and townhouses are multiple offers and have seen some price movement.

Condos are slower and prices flat.

Bank of canada keeping the lid on the spring housing market.

A lot more pre-sale assignment listings about to hit the market due to the new 20% flipping tax.

Doesn't make as much sense to close then sell.

Of course, this assumes the pre-sale is in the money... many are underwater.

New BC budget:
- 20% flipping tax on homes sold within 1 year
- Property transfer tax exemption raised from $500k to $865k, and $1.1m on new builds
- No PTT on purpose built rentals until 2030

Bond yields back to July / August / September levels.

When the market slowed.

Feeling a bit of the resistance against the spring market. Collapsing deals, inconsistent listing results.

Sales volumes is up though, even on a seasonal basis. I'd call it balanced out there.

Thoughts on Langford as a market for rental property investors?

Slight shift in the narrative happening right now

'A decent job gain, a slide in the jobless rate, and persistent 5% wage growth are hardly the stuff of an urgent call for rate cuts,'
- BMO chief economist Douglas Porter

'we expect a delicate balance between rising sales and normalizing inventories, which should lead to a relatively quiet year for prices.'

BCREA prediction for this year.

I think detached could pop a bit more than they anticipate