As we enjoy the Christmas season, our team is truly grateful to both our long time clients and the new buyers and sellers we have served over 2024. As always, we have appreciated all those connections and achieving your goals – it really is a privilege to be part of your family over these life-changing decisions. We value your continued trust and referrals – THANK YOU!
FYI – due to the mail strike, our calendar has likely not yet reached you, stuck somewhere along the postal service route. Our apologies – it will reach you eventually!
Last month was definitely different and surprising! GVR Snapstats FVRB Snapstats Looking carefully at the November statistics, the first stand out is of no surprise this close to Christmas. Across the board, west to east in our market, inventory dropped considerably – sellers wanting to focus on Christmas.
What is surprising is that buyers were bolder, undoubtedly spurred on by lower interest rates. But not surprising, the greatest sales ratio averages were in the attached markets – town homes and condos – emphasis on condos. The Port Coquitlam statistic of 43% sales ratio (4.3 in 10 homes selling rate) headed the crowd, with Port Moody close behind at 41% sales ratio. There is a lot of choice for condo buyers – especially in the Tri Cities. Please, please – take your realtor with you to view these properties as we know the market and the builder’s reputation – both important elements (along with location and quality, of course).
One buyer we are not seeing in the market place is the investor – nor can we expect to see them back any time soon following the new provincial restrictions. We’re unsure why rentals owned by private individuals don’t count as welcome additions to housing availability.
A slower detached market did show some sales, proving that there is still demand for a traditional family home and yard. We can anticipate an increase in detached sales if interest rates continue to drop. The top November sales ratio for the detached market was in Pitt Meadows and Burnaby (both 32%). Considering the time of year, interest rates, feelings of insecurity and the changing landscapes, the November numbers are quite promising, looking forward to 2025.
As we anticipate gathering with family and friends over the Christmas season, a timely quote from Robert Brault comes to mind : “Enjoy the little things, for one day you may look back and realize they were the big things.”
We wish you all a merry, safe Christmas and a hopeful, happy New Year.
We remain your Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris, Terry Stanley & ambassador, Sheila Francis.