Happy Fall…or is it still summer? Our weather seems hesitant to move into Autumn except for the beautiful tree colours. Our real estate market is showing the same hesitancy – not the usual Fall buzz with the next time line to meet as a buyer or seller being Christmas. It is in part the wait and see game overwhelming the let’s make a move now.
Lowest local September stats were in Maple Ridge showing only 1.1 in 10 detached homes selling and 2.7 in 10 attached homes. Both markets have steeply increasing inventories. The Port Moody and Burnaby detached markets were also struggling with 1.7 in 10 and 1.8 in 10 homes selling last month. Highest sale results were in the Burnaby and Port Coquitlam attached markets (8 in 10 & 4.3 in 10 homes selling respectively). Clearly affordability continues to make town homes and condos the attractive choices. Most of our local markets are showing rising inventories which should be beneficial to buyers this month.
What do our team boots on the ground tell us about our neighbourhood markets?The usual upsize buyers are stymied by the interest rates in not qualifying for more funds. This makes the difference in both sales and purchases. When we look at the history of interest rates which we have all worked through, we have to come to grips with the fact that these interest rates could be with us to stay and we shall have to adjust, just as in the past. Very fortunately borrowers had to pass the mandatory stress test and qualify at a higher rate than the one in place at the time – a small buffer which could prove practical now. Yes – our local markets are quiet, with the odd surprise of a well priced detached home generating multiple offers!
As a team we are so grateful for the loyalty factor – our clients returning to us for their next move, sending their family to us for their first purchase and recommending us to their friends. Sincere thanks to you all – you make our job a pleasure and the reason we are still here!! And…always happy to answer your questions and be of help.
We remain your Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.