Stress Test Creating Pent-up Demand
Hello folks, i have been a Realtor in Surrey for 7 years. In my 7 years of experience as a Realtor , have seen different market trends upwards and downwards. Last three years from 2015 to 2018 was a exceptional market that didn't look downwards at all. Every home coming to market was selling in multiple offers, going way above asking price and without any conditions. Buyers were lining up at open houses and day of offer presentation, crossing there fingers that there offer will be the better one but there was only one winner. Things have changed in last 9 months after federal and provincial government intervened to slow down the market. Lot of changes were brought up like foreign buyers tax by provincial government and B20 stress test by Bank of Canada. It worked slowing down the market and lot of people were stuck in difficult situations which happens in upwards and downward markets. But first time home buyers were affected the most by B20 Stress test. First time home buyers