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




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I was so proud to be an exhibitor at the Black Women Business Network Business Expo 2022 on October 29, 2002 at UBC!  

Black Women Business Network is showcased and celebrated the diversity and creativity of 25+ Black Women-Owned Businesses. Great workshops (Access to funding, Management of money, Ideas to fruition, Career success and Unlocking the key to selling to the government).

This has become an annual event and I can't wait till next year!!

Thank you to all the amazing Queens that came out to support and showcase our excellence!



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So excited to be an exhibitor at the Metro Vancouver Black Business Expo October 22nd 2022, 10AM - 5PM!
Admission is FREE to the public.
St. Matthew's R.C. Parish, 16079 88 Ave, Surrey.
Please stop by my booth and say HI!


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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!


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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!

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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!

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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!



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MAY BRINGS A CALM TO THE METRO VANCOUVER HOUSING MARKET...

 

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


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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


 


 
 
 

APRIL 2022 Greater Vancouver Realty Report

 
 
 
 

APRIL 2022 Fraser Valley Realty Report

 
 



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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

 

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"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



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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

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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

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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



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June 2020 Metro Vancouver Market Video

June 2020 Greater Vancouver Market Video

June 2020 Fraser Valley Market Video

Steady increases in home sale and listing activity continue.

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.


Last month’s sales were 21.9 per cent below the 10-year June sales average.


“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”


There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927).


Cick Here to download June 2020 Full Real Estate Package

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Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.


The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.

 
"Home prices have been stable during the COVID-19 period. While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge."
                                                                      - Colette Gerber, REBGV Chair


Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.

Last month’s sales were 54.4 per cent below the 10-year May sales average.


“Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020,” Gerber said. “Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.”


To read the full articles, please click HERE


Click here to download the May 2020 stats package

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.