Yes the evidence is in the April statistics, that slowly but surely our market is turning around. Inventories are almost universally increasing,encouraging buyers to take advantage of favourable mortgage rates – did we ever think that in this market we could get a 4yr variable mortgage at a rate of 3.95!
Across Canada’s larger cities like Vancouver and Toronto, sellers are moving away from all the construction and higher real estate prices – moving to smaller Canadian cities. We see that in our own region – buyers moving east to Pitt meadows and Maple Ridge where real estate is less expensive.
As usual, condos and townhomes were strong, with Port Coquitlam leading in March sales with a sales ratio of 2.3 in 10 homes selling. Close behind were Pitt Meadows and Maple Ridge.
BUT they were not the winning markets last month! The surprising resurgence in detached homes happened in Burnaby and Coquitlam as each municipality clocked in at a sales average of 9 in 10 homes selling. We saw this trend occurring last Autumn – the attraction of family friendly residential streets with homes offering a yard for young families and gardeners. Downsizers – this is your moment if you are looking for a move to a townhome or apartment. It is an unexpected trend favouring detached homes and worth our attention.
Other local markets experienced a slower increased interest in selling detached homes. Another interesting turn of events last month was that homes sold close to asking price – indicating that this is a market where accurate pricing is essential.
As your long time local realtors who have experienced working in all manner of different situations, we are very happy to meet with you to discuss your real estate goals and how we can help you achieve them. Please let us know if you are considering a move and would like to pick our brains. We love our job and the satisfaction of successfully helping people buy / sell their mostly greatest asset.
We remain your Generation Real Estate Partners :-Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Ambassador Francis.,
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