Below average home sales allow inventory to inch upwards!

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023. 

Last month’s sales were 33 per cent below the 10-year February sales average. 

“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”

To read the full report, CLICK HERE

While at a photo shoot for her condo listing, residents within the complex singled out REALTOR® Marce Miller for suspicious behaviour while simply conducting routine business activities for her client. Marce shares her story in the latest video in our series, A Different Side of Real Estate.

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A Different Side of Real Estate is REBGV’s video series that’s part of our Diversity, Equity, and Inclusion (DEI) program. In this series, we seek to share perspectives and spark conversations that can help create a more inclusive and welcoming environment for all people involved in real estate. 

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Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s housing market in 2022.

After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. 

Residential home sales in the region totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022. 

Last month’s sales were 37.7 per cent below the 10-year December sales average. 

“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director, economics and data analytics said.

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020. 

Last year’s listings total was 3.2 per cent below the region’s 10-year average. 

“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Lis said. “While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly. We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.” 

To read the full report, CLICK HERE

Home sale and listing activity continue trending below long-term averages in November

While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” Andrew Lis, REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home sales something many people may end up foregoing this year.”

There were 3,055 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2022. This represents a 22.9 per cent decrease compared to the 3,964 homes listed in November 2021 and a 24.2 per cent decrease compared to October 2022 when sellers listed 4,033 homes.

“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.

“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

To read the full report, CLICK HERE

Inflation, Rising Interest Rates Create Caution Across Metro Vancouver’s Housing Market

Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.

Last month’s sales were 33.3 per cent below the 10-year October sales average.

“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”

“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”

To read the full report, CLICK HERE

Metro Vancouver saw more home Sellers and fewer Buyers in September.

Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662). 

“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”

To read the full report, CLICK HERE

To find out more about the current market updates, contact me and #MovewithMarce!

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

To read the full report, CLICK HERE

To find out more about the current market updates, contact me and #MovewithMarce!

Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022.

Last month’s sales were 35.2 per cent below the 10-year July sales average.

“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”

To read the full report, CLICK HERE

To find out more about the current market updates, contact me and #MovewithMarce!

REBGV JUNE 2022 MONTHLY MARKET STATISTICS

Home listings Up, Sales Down and Prices Starting to Decrease to Start the Summer Season.

Last month’s sales were 23.3 per cent below the 10-year June sales average. 

“Home buyers have more selection to choose from and more time to make decisions than they did over the past year,” Daniel John, REBGV Chair said. “Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.” 

“We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply,” John said. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”

To read the full report, CLICK HERE

To find out more about the current market updates, contact me and #MovewithMarce!

REBGV MAY 2022 MONTHLY MARKET UPDATE

After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates.

"With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence."

Daniel John, Chair, REBGV

To read the full report, CLICK HERE!

To find out more about the current market updates, contact me and #MovewithMarce!

METRO VANCOUVER AREA

GREATER VANCOUVER

THE FRASER VALLEY

APRIL SHOWERS MAY BRING DOUBTERS...

As April comes to close, the Metro Vancouver Market returns to “historically typical”  numbers. Even with the onpour of rising interest rates, buyers might find optimism in what this means for their buying process. Will higher interest rates mean more time to view properties and submit offers? Or will this only add to the upward pressure in prices?

“With interest rates climbing and…inventory…inching higher each month, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation.” 

- Daniel John, REBGV Chair

According to the REBGV April 2022 Market Report, analysts say that downward pressure on home prices occurs when the number of sales to the number of active listings falls below 12%, and upward pressure is experienced when the amount of properties sold  surpasses 20% of the total market supply.  Currently the average sales-to-active ratio across detached, attached and townhomes sits at 36.7%, indicating upward market pressure. 

While the benchmark price for a detached home in the Greater Vancouver Area is $2,139,200 and $844,700 for condos, the Real Estate Board hopes this interest rate hike will fuel market slows that give way to buyers and  sellers in conducting due diligence in their real estate process.

To read the full report, CLICK HERE!

To find out more about the current market updates, contact me and #MovewithMarce!

APRIL 2022 Metro Vancouver Realty Report

THE CALM BEFORE THE STORM....

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago, ...Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.” - Daniel John, REBGV Chair

REBGV March 2022 Market welcomes activity much calmer than last spring’s record breaking pace, and the demand from Metro Vancouver home buyers remains high. 

The Real Estate Board of Greater Vancouver or REBGV March 2022 Market Update reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9% decrease from the 5,708 sales recorded in March 2021, and a 26.9% increase from the 3,424 homes sold in the February Market. 

MARCH 2022 Metro Vancouver Realty Report

MARCH 2022 Greater Vancouver Realty Report

MARCH 2022 Fraser Valley Realty Report

"With current strong sales and low inventory, it will take quite some time for BC to get back to a healthy balance market." - BC Real Estate Association (BCREA)

Listings inch up, demand remains steady and price gains continue in the Metro Vancouver Housing Market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February of last year. But a 49.8%  increase from the 2,285 homes sold in January 2022, says that the Market is just warming up. 

FEBRUARY 2022 Metro Vancouver Realty Report

FEBRUARY 2022 Greater Vancouver Realty Report

FEBRUARY 2022 Fraser Valley Realty Report

As the New Year kicks off so does the market demand. The market speed has lowered since 2021 BUT it is still a Seller's Market. To learn more about taking advantage of the listing AND buying side, keep scrolling!

January 2022 Metro Vancouver Market Video

January 2022 Greater Vancouver Market Video

January 2022 Fraser Valley Market Video

2021 was another year of tremendous change and record breaking growth. With a market speed of 45%, the Metro Vancouver Area has largely transitioned to a Seller's Market. Learn the market speed in your neighbourhood by requesting a full market snapshot below. 

December 2021 Metro Vancouver Market Video

December 2021 Greater Vancouver Market Video

December 2021 Fraser Valley Market Video

Home sellers have become increasingly active in Metro Vancouver’s housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic

Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.

February 2021 Metro Vancouver Market Video

February 2021 Greater Vancouver Market Video

February 2021 Fraser Valley Market Video

METRO VANCOUVER:

GREATER VANCOUVER:

FRASER VALLEY: