The above was a favourite quote from our favourite business coach, Keith Cornies. We think of it now as we are all caught in the waves of rising interest rates, still rising real estate prices (in some spots), and rising costs of all our basic purchases. However, our market stats defy the stormy seas as The Real Estate Board of Greater Vancouver reports: “Home Prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.” While our mortgage rates are the highest for 10 years, the July sales activity beat the levels for the same time last year. Attached home sales in the region showed a 53.3% increase compared to the July 2022 attached sales.
However, Metro Vancouver covers a lot of ground and the statistics are an average across a large region. What we are seeing in the markets from New Westminster going east to Maple Ridge are mostly stagnant or dropping inventories – making for a return to competing bids in those locations. Only 3 markets differ – New Westminster attached market is showing a distinct increase in inventory as is Pitt Meadows detached market. Port Moody detached market showed an interesting sharp rise in inventory towards the end of April through to mid June followed by a steady decline. And of course while we surprisingly still have willing , qualified buyers, inventory numbers are the key to price and competition.
Boots on the ground tell us that while the residential real estate market has slowed down, making for fewer multiple bid situations, it is still strong and a well maintained and/or renovated home in a location close to amenities and schools is still holding its attraction and value. Townhomes and condos continue to ride the waves of success with some of the highest sales ratio averages: Port Coquitlam and Port Moody attached markets show 6.6 homes in 10 selling and 6.5 in 10, respectively, while Pitt Meadows is not far behind with 6.1 in 10 selling. The others? A long way behind.
I don’t know any soothsayers who saw this exact scenario coming in their crystal balls, but now it is here, buyers and sellers must take advantage of the moment, or decide that this is not the appropriate moment for them. The only way to do this safely is to get the current story on your home – what is going on in your immediate neighbourhood. We are happy to be the story tellers, after hearing your concerns and plans. And to be you your consultants on how to go about the process and how you can maximize the value in your home. Despite the interest rates, inflation etc, it is always the right moment for someone – specially when buying and selling in the same market. Our downsizers are currently the good sailors – they got on board!
We remain your Generations Real Estate Partners wishing you a happy, safe summer, good local and far off travels along with real relaxation.
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.