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Real Estate Market Update - July 2023

In this month's real estate market update, the data highlights changes in selling speed, listings, and sale prices, offering insights into the evolving landscape for both buyers and sellers.

The pace of property sales has witnessed a significant adjustment compared to the previous month. In June, the selling speed stood at 30%, indicating a relatively brisk turnover of properties. However, this figure has decreased to 23% in August. This shift suggests a slight deceleration in the market activity, potentially indicating a more balanced equilibrium between supply and demand. Buyers might find themselves with a bit more time to consider their options, while sellers might need to adjust their expectations in terms of the time it takes to secure a sale.

The real estate market has seen a modest increase in the number of listings since June. This could be attributed to various factors, including a seasonal uptick in listings or a response to the changing dynamics of the market. The rise in available listings might offer buyers a wider array of choices, potentially contributing to the moderation in selling speed. Sellers, on the other hand, may need to fine-tune their marketing strategies to stand out in a slightly more competitive environment.

One of the most closely watched aspects of the real estate market is the trajectory of sale prices. Since June, we have witnessed a 4% increase in sale prices, indicative of ongoing demand for properties. Notably, this increase builds upon an existing trend, with current sale prices being 7% higher compared to the same period last year. This consistent growth underscores the resilience of the housing market and its ability to maintain an upward price momentum. 

In summary, the July market update highlights a few key shifts. The selling speed has decreased slightly, potentially indicating a more balanced market. The number of listings has risen modestly, presenting buyers with a slightly improved selection in certain market segments. Meanwhile, sale prices continue to rise, despite higher interest rates.

The real estate landscape is dynamic, keeping informed about these changes empowers individuals to navigate the market effectively.

Feel free to contact me anytime to discuss how the current market impacts your particular real estate plans.


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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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From January to February all communities in the Fraser Valley showed increases in sellers market territory. Cloverdale in particular had a selling rate of 56% 
 
Compare that to the December to January stats, where Abbotsford was the only community that did not see a significate decrease in the home selling rate for attached properties.
 
Overall, these fluctuations in the Real Estate market from area to area and month to month, demonstrate the importance of staying up-to-date on market trends and statistics to make informed decisions when buying or selling a property.
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As my Dad used to say "the devil is in the details" is especially true when it comes to Property Taxes.
 
 
"First Time Home Buyers (PPT) Property Purchase Tax Exemption is a prime example, to qualify you must meet the criteria;
be a Canadian citizen or permanent resident
  • have lived in BC for 12 consequtive monthe before the date the property is registered, or
  • have filed 2 income tax returns as a BC resident in the last 6 years;
  • have never owneed an interest in a principal residence anywhere, anytime; and have never received a firt-time homw buyers' exemption or refund.
The property must be used a principal residence and have a fair market balue of $500,000 or less and be 0.5 hectares (1.24 acres) or smaller. There is a partial emeption for properties $500,000 - 525,000.
 
Newly Built Homes Exemption

There is a newly built home exemption for buyers of new home with a fair market value $750,000 and a partial exemption for newly built homes $800,000 homes include a house constructed on vacant land new apartment in a newly built condominium building a manufactured home on vacant land or other usually built homes to keep the exemption there occupancy requirements during the first year of the owner must move into the home within 92 days of the date the property is registered with the land LTS eighth and continue to live there as a principal residence for the remainder of the first year to apply for the newly built from exemption enter exemption code 49 on the special property transfer tax return when the property is registered at the LTSA title.

Foreign Buyers PTT Exemption

Foreign nationals with work permits coming through the BC provincial nominee program exempt from the additional 20% property transfer tax when they buy a home vacant land exemption if you register to vacant lot and pay the tax you may apply for a refund if you have built a new home on the land worth 750,000 less moved into a home as a principal residence within one year of registering the property and meet the qualifications for the newly built home exemption are there PGT exemptions include transfer of a principal residence transfer of a recreational residence transfer resulting from a marriage breakdown transfer of the family farm involving individuals transfer of a family farm to or from a family farm corporation there are also exemptions for title transfers involving joint tenants and tenants in common and agreement for sale bankruptcy and transfers to register charities
 
 
For those who do not qualify for exemptions the PTT is charged on the fair market value of a property at the rate of 1% on the first $200,000;
2% on the balance up to and including $2,000,000; and
3% on the balance greater than $2,000,000; and
if the property is residential a further 2% on the portion greater than $3,000,000 "
 
IMPORTANT - TAX LEGISLATION IS ALWAYS CHANGING - VERIFY THE TAXES YOU WILL NEED TO PAY BEFORE YOU BUY>
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While the market may appear balanced overall, the limited selection of quality listings has led to a situation where some buyers are unexpectedly faced with multiple competitors bidding for the same property.
 
 
 
 
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Categories:   Fraser Valley Real Estate | Greater Vancouver Real Estate Market | Metro Vancouver Real Estate
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