In less than 3 weeks Vancouver and Whistler welcome the world for the Winter Olympics. Tickets re-sellers are likely to make some good money on the most popular events; Opening and Closing ceremonies, men’s hockey and figure skating. On other events they will be lucky to break even. Very similar to Lower Mainland real estate.
The market value lies somewhere between the lowest price a seller is willing to accept and the highest price a buyer is willing to pay. Price it at the current going rate and you will likely find a buyer.
As far as what will happen to home prices AFTER the Olympics? I don’t have a crystal ball but my guess is we are in for a very busy spring and a slower fall. The HST will add to home buying costs even if the property isn’t new. Why? Later in the newsletter I cover some of the other real estate related services which will add to the costs of buying a new home. If you are thinking of sell-ing, you may want to get out ahead of the pack. Too much supply usually means lower prices.
Let the Games begin!