What a great Canada Day weekend in our local cities! And as music continues to be a park attraction in both Port Moody and Coquitlam, along with many other seasonal events, make the most of the longer summer days remembering that we are already past the longest day of the year.
This is also the time for the TriCities News Annual “A List” contest, where we residents vote best in class for local stores, restaurants and services. Thanks to all our clients & friends, who put us on top last year – we are hoping for a repeat performance and respectfully ask you to vote again this year: https://tcn.qabeta.glaciermediadigital.ca/alist.
The News is making voting attractive by offering a $500 gift card from Coquitlam Centre.
“Housing supply up – home sales and prices down” – this month’s quote from Greater Vancouver Real Estate Board.
Slowly declining sale prices seem to be spurring on an increasing number of sellers to list their homes currently – an unusual situation for the start of summer holidays. There is a 25% increase in number of listings on the market this year compared to the same time last year. On the other side of the coin, the total number of sales last month was the lowest since 2000. Surprisingly, sales of apartments showed a 24% decrease compared to last year.
Overall, the composite benchmark price for all residential property types in Metro Vancouver dropped below $1 million for the first time since May 2017 – now $998,700.
All of these stats make for the best selection of homes for a long time and buyers have the addition of very attractive interest rates. We never know when the soft landing will occur, but we do know that these interest rates won’t be with us forever. This market is tailor-made for the move up buyer looking at the dollars differential between their sale and their purchase.
If listings hit the market at current market prices for their location and condition they are selling quite quickly in spite of the burgeoning number of stale overpriced listings with no offers. Buyers become experts in their own price range – they recognize a good solid deal.
There is the largest number of newly completed apartment buildings and townhome communities this year, which directly affect the resale complexes. A number of buildings which should be completing right now are very delayed owing to current labour availability and often late starts because of permit backlogs.
It is an interesting market where global issues, foreign policies & politics, as well as local trends can and do affect our local markets.
All we can do is remember that famous quote from Ozzie Jurock – “You make money the day you buy, not the day you sell”
Wise words for buyers to always keep resale in mind. So many sellers forget their original purchase price only to remember the price their neighbor got 2 years ago!
If you need help in figuring out where all this leaves you, please give us a call. Always up for talking value and strategy – a vital part of the buying & selling process these days. We are here to always have you covered whatever the real estate weather.
Generations Team: Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.