While the Real Estate Board of Greater Vancouver reported “more home sellers and fewer buyers in September” and that “inventory is beginning to accumulate, providing buyers with more selection compared to last year”, this is not the picture in most of our local markets this side of Vancouver. Reviewing our stats tells a story of only 2 markets with a significant growth in last month’s inventory – Port Coquitlam and Pitt Meadows townhome and condo categories, with the detached Maple Ridge inventory showing the only other increase, which was very slight. So…here buyers are not gifted with the kind of hoped for choices, but sometimes an announcement like this, which clearly describes the case in other parts of the Greater Vancouver market, can prove to be a self fulfilling prophecy!
Port Moody’s attached market and Pitt Meadows detached market led the pack when it came to sales to listings ratio. Port Moody sold 4.3 in every 10 homes listed, while Pitt Meadows increased its detached sales with 3.8 in 10 homes selling. Maple Ridge attached category also scored a healthy 3.4 in 10 homes selling. Slowest September sales were in the Port Moody detached market at a selling rate of 2 in 10 homes.
It seems that both buyers and sellers are cautiously watching the market and trying to ascertain the best time to jump in. This is a complicated question because, as prices edge downwards, interest rates are rising much more aggressively. With mortgage approval now being less predictable and monthly payments exceeding projected budgets, we are losing potential buyers from the equation. We always say “buy and sell in the same market” and now even this is hard to predict except to say that if you sell first, even a market just “edging down” would be advantageous, especially if you got yourself a secure approval with a guaranteed interest rate for 3 months.
These are just some of our thoughts and the great thing about our business is that every client has different circumstances and needs. Our in person or virtual get togethers can establish your wants and needs and jointly put together a personalized plan which will work in those particular circumstances. We are here and happy to talk to you whenever you start thinking about a move – however close or distant in time. Here’s to a real balanced future market!
Thanksgiving came and went, but we still want to express our gratitude to all our friendly, caring clients. Our team really appreciates you, your family and friends.
We remain the Generations Real Estate Partners,
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis