Thursday, November 9, 2023 / by Derek Turci
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Welcome to the world of real estate, where dreams of home ownership can sometimes be met with the challenge of mortgage qualification. If you find yourself in a position where the numbers seem to be working again ...
Monday, November 6, 2023 / by Derek Turci
Your Market Update for October 2023
Greater Vancouver sales increased slightly from 1,918 in September to 1,996 in October. However, the Fraser Valley actually saw a slight decline from 1,033 in September to 920 in October. When compared to the same time last year, this represents a 4% increase for Greater Vancouver and a 7% increase for the Fraser Valley.
Townhouses continue to be the top seller in both regions followed closely by condos with sales ratios slightly favouring sellers. Detached homes continue to favour buyers with a 13% sales-to-active ratio in Greater Vancouver and a 12% ratio for the Fraser Valley.
What About Sales Prices?
Sales prices continue to remain stubbornly sticky in Greater Vancouver with no notable reductions in price since the summer rate hikes. We are starting to see some correction out in the valley with detached homes sliding from a median price of $1.5 mill in May to $1.4 mill in October.
Report from the Front Lines
Current inte ...
Monday, October 2, 2023 / by Derek Turci
Your Market Update for September 2023
As we expected, there were only 1,920 sales registered in September in Greater Vancouver. Although not as low as the 1,695 registered sales of last September it was still 32% lower than the 10-year average.
The Average sales prices for condos and townhouses crept up from August and only detached homes saw some correction. This makes sense because the sales-to-active ratios for condos and townhouses still favoured sellers and only detached homes favoured buyers.
Report from the Front Lines
Our experience last month could be summarized by one word - spotty. For the most part, open house attendance and private showing requests were lower than expected, especially since the Bank of Canada decided to keep rates unchanged. Even sharply priced homes attracted less attention than usual indicating that there's a smaller pool of active buyers for condos and detached homes. Townhouses were certainly more active, especially those at lower price n ...
Thursday, September 21, 2023 / by Derek Turci
Opportunity Might Be Knocking at Your Future Front Door
This August, I celebrated my 9th year as a Realtor. Over those years, I've experienced pretty much every type of marketplace imaginable from the painfully slow one at the beginning of 2019 to the insanity inducing markets such as 2016 & more recently after the COVID lock-downs. During my time, I've only seen fleeting glances of balanced markets where both buyers and sellers have an even playing field. However, these are as rare and mysterious as Sasquatch sightings and are often nothing more than nostalgic stories I've been told by "seasoned" Realtors remembering the good old days. Honestly, who knows if they even existed at all!
It's fair to say that the majority of my career has been spent preparing my home buyers or sellers for multiple offers. Although I do love the thrill of a good multiple offer when I'm on the sell side, my excitement turns to sadness when my buyers look to me with incredulous eyes as I'm force! ...
Tuesday, September 5, 2023 / by Derek Turci
Your Market Update for August 2023
Sales activity slid for three consecutive months over the summer period following the typical seasonal cycle of the GVRD. In August, sales totalled 2,296 for Greater Vancouver which is 22% more sales when compared to the same time last year and 14% below the 10-year average.
With 2 recent rate hikes coinciding with the aforementioned seasonal cycle, it's hard to say with full certainty how much of the slowdown can be blamed on the Bank of Canada's ruthless campaign to curb inflation and how much is simply because of the typical lull we experience over the summer months.
As Andrew Lis, REBGV’s director of economics and data analytics said. “It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead postin. ...