Hello Everyone,
I hope you’re all staying cool during these hot summer days!
The heat also seems to have dampened the Metro Vancouver’s real estate market: July’s sales volume reached their lowest levels for the month since the year 2000. They were also 29.3% below the 10-year July sales average.
“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”
While fewer new listings came on to the market compared to June 2018 and July 2017, the total number of properties currently listed for sale is actually up compared to June 2019 and July 2017. This is due to the lower sales volume recorded.
“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”
While I don’t have a crystal ball, I think we’ll see a small uptick in sales as we move into the Autumn market, but not at the frantic pace we have seen the last couple years.
For Vancouver, here's the snapshot:
Come join me on social media or visit my webpage:
Instagram: kim.c.parish
Twitter: @kimparish73
Facebook: www.facebook.com/KimParishMacRealty
Web: www.kimparish.com
A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
Twitter: @kimparish73
Facebook: www.facebook.com/KimParishMacRealty
Web: www.kimparish.com
A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
Warm regards,
Kim
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.