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The Metro Vancouver real estate market continues to demonstrate a remarkable resiliency amidst central bank rate increases of 4.75 percent over the past 18 months. Prolonged shifts in the demand- supply equilibrium coupled with post pandemic economic factors continue to challenge conventional wisdom.

Headlines often capture the essense of the market spotlighting overall market health and trends. To make informed decisions in real estate it's crucial to go beyond the headlines and understand the nuamces of property types, locations and speciic attributes. The devil is in the details, diving deeper into specific market segments helps me provide you with insights that will help you thrive in this dynamic market.

The Christmas holiday season is upon us, which typically heralds a slowdown in Real Estate activity as we shift our focus towards holiday festivities and gatherings. Wishing you much joy and warmth at this wonderful time of year.

Infographic of Metro Vancouver November Real Estate Market

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JUNE 2023 Insights

Perhaps one of the most remarkable narratives emerging from this market data is the pace of recovery. Despite concerns about rising interest rates, the market has defied expectations by returning to a normal sales pace well ahead of schedule. The numbers speak for themselves: home sales are rebounding, painting a picture of a market that is adaptive, responsive, and undeniably resilient.

Staging an early recovery is a clear indication of the market's strength. It reflects not only the tenacity of real estate professionals and buyers but also the underlying strength of the industry. The real estate market is a living, breathing entity that responds to external forces with remarkable agility, reaffirming its position as a cornerstone of the economy.

Please contact me anytime for information specific to your neighborhood. 

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The Fraser Valley Real Estate Market has experienced a remarkable recovery, bouncing back from a 19% year-over-year decrease in sale prices to reach parity within just four months. The main driver is the supply shortage. Another factor that likely contributed to the rebound was the Bank of Canada's decision in March to temporarily halt interest rate hikes, marking the first such pause in 13 months.

The market is eagerly awaiting the upcomming interest rate announcement from the Bank of Canada, which is scheduled for June 7th. 

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The Metro Vancouver real estate market has shown remarkable strength in May, with significant year-over-year increases in sale prices for attached homes;
 
West Vancouver experienced a notable surge, with prices rising by 24%, while Delta witnessed an astonishing 36% increase despite a rise in interest rates of 4.5% over the past 13 months. 

The latest data reveals positive trends in the real estate market, specifically in New Westminster and South Surrey. Year over year, sale prices for detached homes have increased by 12% in New Westminster and 9% in South Surrey. 

In contrast, areas such as Pitt Meadows have seen a decline in sale prices compared to May of the previous year. This variation emphasizes the localized nature of the real estate market, where different factors can influence prices in specific regions.

These substantial growth rates are particularly surprising considering the rise in interest rates by 4.5% over a period of 13 months. 

A significant contributing factor to the rising sale prices in various areas, such as New Westminster and South Surrey, is the imbalance between housing supply and demand. The demand for housing has outpaced the rate at which new properties are being built or made available on the market.

The current market conditions present opportunities for buyers and sellers alike, and by seizing those opportunities, you can position yourself for success in today's housing market.

it would be my privilege and pleasure to assist you with your real estate needs anytime. I am happy to answer your questions.

All the best,

Sally


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The Metro Vancouver market has once again demonstrated it's resiliency. 
 
Fewer listings than last year is fuelling a rebound to last years prices more swiftly than anticipated, and the incidence of multiple offers continues to escalate.
 
It remains to be seen if the increase in prices will encourage more sellers back into the market, which may alleviate some of the pressure. It is also difficult to predict whether the Federal Government will raise interest rates sooner than expected?
 
There are areas of Metro Vancouver where supply may be better for your particular needs, call me anytime to explore your options. 
 
 
 
 
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In March the year over year sale price was down 17% In April it dropped to 9% narrowing the gap between 2022 and 2023 sale prices.
Month over month the number of listings increased by 74, however year over year there are 993 fewer listings compared to last year.
With sale prices moving towards the peak of last year, it is possible that we will see more sellers enter the market in May.
 
 
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There has been a marginal increase in the inventory as we enter the Spring Market, but not nearly enough to keep pace with the buyer demand, consequently multiple offers are back in play sooner than many expected. 
 
In the South Surrey/White Rock area, the average property was on the market for 53 days in January, the sales ratio was 12%, below 12% is considered a buyers market.  For March, the average days on market dropped to 13, the sales ratio jumped to 44%, anything above 20% is considered a sellers market.
 
Some areas in Fraser Valley and Metro Vancouver have more inventory than others, please get in touch with me anytime to find out which area offers the best selection for your individual needs.
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Multiple offer scenarios have been on the rise since early February, largely driven by a lack of supply. Properties that show well and are priced right for the market are prime candidates.
 
The supply is slowly increasing as we enter into the Spring Market, but not at the numbers needed to balance the market which is when the sales ratio sits between 12 and 20%
 
For buyers with flexibility in terms of location, there are neighborhoods in Metro Vancouver where the odds of finding a suitable property in your price range is more promising. Feel free to call me anytime for specifics. 
 
 
 
 
 
 
 
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For buyers looking at attached properties, only the West Vancouver and Downtown areas fall within the balanced market range, while all other areas are considered to be sellers' markets. Notably, the Ladner area has a particularly high seller's market percentage of 56%.

This is a significant deviation from the situation in January, when four communities in the Metro Vancouver area were buyers' markets ten were balanced, and four were sellers'.

As for detached properties, seven areas are currently sellers' markets, while the rest are balanced, with the exception of West Vancouver, which is a buyers' market.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.