VIDEO MARKET REPORTS BELOW (click areas)
The Metro-Vancouver and Fraser Valley Real Estate Markets continue to be strong, however with a bit of a footnote. Properties that show well (are staged, beautiful and move-in ready) are still receiving multiple offers and many showings when priced correctly. However, any property that has some complication or detractor, are starting to sit a bit longer and may not receive multiple offers. We are seeing a slight (very slight) softening of the market.
What this means is GREAT opportunity for BUYERS as the interest rates remain very low and there is more inventory out there. SELLERS are forced to price closer to where they want to sell and can no longer play the “price low – sell high” game.
Larry Anderson, President of the Fraser Valley Real Estate Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.”
“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”
So the key take-away here is we are heading towards a healthy Balanced Market in the coming months.
Larry Anderson, continues, stating that,
“A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”
Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 17 and a townhome was 12 days. Apartments took, on average, 21 days to sell.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,324,400, the Benchmark price for an FVREB single-family detached home increased 0.1 per cent compared to May 2021 and increased 33.2 per cent compared to June 2020.
Townhomes: At $678,400, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to May 2021 and increased 21.2 per cent compared to June 2020.
Apartments: At $493,500, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to May 2021 and increased 13.4 per cent compared to June 2020.
Similarly, for the REBGV (Real Estate Board of Greater Vancouver), while still elevated, home sale and listing activity in Metro Vancouver has eased back from the record-setting pace seen in March and April of this year.
Last month’s sales were 18.4 per cent above the 10-year June sales average.
“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”
There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease compared to May 2021 when 7,125 homes were listed.
“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”
For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and 37.1 per cent for apartments.
If you are thinking of BUYING or SELLING, I would love to help you navigate that and set you up for success. Don’t feel shy to give me a shout. 604-657-2660.
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