According to the Greater Vancouver Real Estate Board, residential real estate sale prices increased in June for the sixth consecutive month! Andrew Lis, the Board’s director of economics and data analytics said that Metro Vancouver prices are up by approximately 6% or more – quite a contrast to the 2% increase by year end originally forecast. “The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market,” said Lis.
This surprising turn of events despite the increased interest rates, has been borne out in our local markets. HOWEVER – Reviewing the SnapStats for our local markets from New Westminster & Burnaby east to Pitt Meadows & Maple Ridge we see all except 2 of our markets showing increasing inventories. When our homeowners see competing bids raising the sale prices of their neighbours’ homes, they realize that contrary to all expectations, it has suddenly become a seller’s market. As some of these people decide to jump in & take advantage of the opportunity, they contribute to a rising inventory.
Only the Port Coquitlam attached market and the Pitt Meadows attached market are still showing declining inventories. The rest are either increasing or in a couple of cases, static. Our local real estate markets can pivot and change very quickly. If sellers continue to jump in, the dynamics will change and lead to a more balanced market. Condos and townhomes were the hottest commodities in May with Pitt Meadows selling more attached homes than were listed and Port Coquitlam attached market showing a 92% sales ratio average! New Westminster, Coquitlam and Port Moody attached markets showed a healthy 62 – 65% sales ratio average.
With the new builds adding to the mix, there are many more sales than are recorded by the Greater Vancouver Real Estate Board.
Talking of new builds, please remember to take your own realtor to represent you. The forms are complex, and you need the neighbourhood intel regarding other factors which can affect your value down the road. We always think of resale because this is your investment as well as your home. Never worry about the fact that you are “just looking” – our job is to advise now and/or in the future and we can’t do that without touring with you. We are your resources so please use our help.
Enjoy the summer sunshine, which we hope does not get too hot.
We remain your reliable “Generations Real Estate Partners” – yes, we have been down this road before!
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis