VLOGS + BLOGS

The Spring Market is in full swing. Inventory remains low and buyer demand remains high. If you're following along you might be thinking you're listening to a broken record. We think this record will keep playing! There are just far more people wanting to buy real estate than people wanting to list their homes. 

Not only does our province see thousands of people moving here each year, people are eager to enter the market. Interestingly, we're also witnessing young people, particularly in their 20s, enter the market. While they have stable jobs and can handle mortgage payments, saving up a significant down payment has proven challenging. This is where family support becomes invaluable.

Market Insights: “Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics an data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.” 

Supply and Demand Dynamics: The total number of listings in May was 20% below the 10-year seasonal average, indicating the scarcity of available properties. On the other hand, the total sales volume last month was 1.4% below the 10-year average. This discrepancy between supply and demand intensifies the competition among buyers.

Interest Rate Speculation: The Bank of Canada announced an interest rate increase today, June 7, 2023 and there is speculation of another increase in July. The absence of rate hikes in recent months has encouraged buyers to enter the market, as it suggested a period of stability. Additionally people tend to proceed with their plans despite uncertainties after enough time has passed. However, if rates rise again, some buyers may choose to pause and wait for potential price corrections. Unfortunately, most buyers who attempt to time the market end up waiting too long, resulting in missed opportunities. Real Estate is a long-term investment and trying to predict short-term fluctuations is difficult for the average person. 

Advice for Buyers: Considering the unpredictability of the market, our advice remains the same: focus on your financial readiness and personal circumstances rather than trying to time the market. When you're financially prepared and your life circumstances align, it's generally a good time to make a move.  

If you would like to discuss the real estate market in your area of interest, your plans, or what to expect out there please don't hesitate to reach out to us. You can contact us through our website: https://www.glennandbrittany.com/social-connect/

Attached Properties

Vancouver Downtown - Attached 

• Sellers market at 27% sales ratio average (2.7 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 1% below list price.
• Inventory: up by 6% over last month.
• Most Active Price Band: $400,000 to $500,000 with average 67% sales ratio (sellers market).
• Buyers Best Bet: homes minimum $5 mil Coal Harbour and 3 bedroom properties.
• Sellers Best Bet: selling homes in Downtown and up to 1 bedroom properties.

• Sellers market at 44% sales ratio average (4.4 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 100% of list price.
• Inventory: up by 3% over last month.
• Most Active Price Band: $500,000 to $600,000 with average >100% sales ratio (sellers market).
• Buyers Best Bet: homes between $2.25 mil to $2.75 mil, Cambie, South Cambie, Dunbar and minimum 4 bedroom properties.
• Sellers Best Bet: selling homes in Kitsilano, University and up to 1 bedroom properties.

• Sellers market at 44% sales ratio average (4.4 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average 100% of list price.
• Inventory: up by 4% over last month.
• Most Active Price Band: $400,000 to $500,000 with average 83% sales ratio (sellers market).
• Buyers Best Bet: home between $1.5 mil to $1.75 mil, Downtown, Knight, Strathcona and minimum 4 bedroom properties.
• Sellers Best Bet: selling homes in Victoria and 2 bedroom properties.

• Sellers market at 49% sales ratio average (4.9 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average 1% above list price.
• Inventory: up by 15% over last month.
• Most Active Price Band: $900,000 to $1 mil with average 84% sales ratio (sellers market).
• Buyers Best Bet: home between $1.5 mil to $1.75 mil, Morgan Creek, White Rock and up to 1 bedroom properties.
• Sellers Best Bet: selling homes in Grandview, Sunnyside Park and 3 bedroom properties.

Detached Properties

Vancouver Westside - Detached

• Sellers market at 22% sales ratio average (2.2 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 1% below list price.
• Inventory: up by 7% over last month.
• Most Active Price Band: $2.5 mil to $2.75 mil with average 91% sales ratio (sellers market).
• Buyers Best Bet: homes minimum $7.5 mil, Cambie, Shaughnessy, Oakridge and minimum 5 bedroom properties.
• Sellers Best Bet: selling homes in Mackenzie Heights, SW Marine and 3 to 4 bedroom properties.

• Sellers market at 32% sales ratio average (3.2 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average at 2% above list price.
• Inventory: up by 14% over last month.
• Most Active Price Band: $1.5 mil to $21.75 mil with average 70% sales ratio (sellers market).
• Buyers Best Bet: homes between $3 mil to $3.5 mil, Collingwood, Hastings, Main and up to 2 bedroom properties. 
• Sellers Best Bet: selling homes in Fraserview, Hastings Sunrise, Renfrew and 3 to 4, Main and up to 2 bedroom properties.

North Vancouver - Detached 

Tags

• market updates 2023 (12)