By now you will have heard the April sales news from CMHC and BC Real Estate Association. Both reports featured the drop in # of sales, 29% lower than April last year and 45% lower than the last 10 year average. They both talked about increased inventory, dropping prices, cautious buyers, bank rules and generally speaking to a public lack of confidence in the current real estate market. The term “buyers market” was used repeatedly. Statistics don’t lie but interpretations can be different – we only need to watch the political scene to know that
When we look at the summaries attached to the recent SnapStats report we see between 1&2 homes in ten selling described as a “balanced” market – guessing that we have to be zero in ten to qualify as a buyers market! From the perspective of those of us out in the field negotiating with buyers and sellers daily, we can tell you that much of our market is a buyers market – both sellers and buyers need to know that so both sides can make a sensible, market driven decision. Some niche markets are faring better – mostly in close proximity to the SkyTrain, the single significant game changer in the last 2 years.
The healthiest resale market in April was in Port Moody – condos and townhomes, selling at a rate of 3.3 in 10. We are certainly looking forward to a stronger, more robust market which could be helped by both government & big banks confessing that they overdid the cooling measures and getting on board with some positive helpful measures for buyers (without assuming they have massive amounts of RRSPs!). Our entire economy here is affected by real estate sales.
If you want to know what we really think, please call us! Happy to unpack your local statistics both as buyers and potential sellers – it is never too early to prepare for selling your home. We remain your real estate partners as well as Generations Partners – keeping you covered as always!