Real Estate Matters – April 2024
Hello!
Spring market is here! But is it what we expected?
The market is still quite balanced, meaning that well presented properties sell quick, but most do take a bit of time. In this month’s video above, I talk about what Sellers and Buyers should prioritize when trying to take action in this market. As well, the monthly FAQ talks about 5 focus points for selling Investment Properties in this market. To do it right and well, it’s actually quite a bit more challenging than you may think.
If you’re looking to make a move, either Buy or Sell, I and my team of experts are always able to navigate this complex market with you. This is our expertise, and our experience is proven. Please do reach out to us for a free consultation and we’d be happy to make a plan with you to ensure your assets are well protected.
As usual, if I may be of service, I would be happy to chat! Just reply to this email and we can set up a time to do so!
From the Real Estate Board of Greater Vancouver Monthly Statistics letter:
VANCOUVER, BC – April 3, 2024 – The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.
“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well located properties.”
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month over month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said. “With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”
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