As our Spring weather cools instead of warming up, it mirrors our real estate market. The Greater Vancouver Real Estate Board reported that overall, home buyer demand in Metro Vancouver had returned to “more historically typical levels” in April. Residential home sales for April 2022 showed a 34.1 percent decrease from April last year. Despite the previously overheated market, last month’s sales were only 1.5 percent above the 10 year April sales average. We have to remember that Spring is typically busy regardless of market conditions.
We are still down in inventory which continues to cause some competition between buyers in certain spots and price ranges.
As our provincial government prepares to put in place new measures to slow down the market, natural forces are at work doing exactly that. A clear case of closing the barn door after the horse has bolted!!
Looking at our markets close to home from Burnaby to Maple Ridge, a common denominator is a growing inventory except for detached homes in Pitt Meadows where 14.2 homes sold for every 10 listed. Their attached market too sees 11.4 homes selling for every 10 listed. The correlation between inventory and rising prices is crystal clear here. Condos and townhomes still make up the major number of sales across our local region as price has become prohibitive for many who were hoping to purchase a detached home. Maple Ridge experienced a steep increase in detached inventory last month with a 29% sales ratio average – finally a less frenetic market.
SnapStats describes every market with a sales ratio from 2.9 in 10 homes and upwards as a sellers market, so we have to be careful to know what it means when we see for instance a 7.2 in 10 listed homes selling in a neighbouring market. This is where we local realtors come in with the experience of steady boots on the ground – aware of the nuances of our local streets and neighbourhoods. Now, more than ever, accurate data and experience are critical to maximize the investments of both sellers and buyers.
We are happy to share our information and experience in order to give you a detailed plan in how to proceed towards your real estate goals safely. Uncertain times call for thoughtful strategies. Let us help if you are considering any kind of move – we also have trusted realtors in many other parts of the country who can answer questions on their markets if you are curious.
Looking forward to a more balanced market this month and next, and continuing to keep our valued clients covered whatever the weather.
Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis