Homes are still expensive in Vancouver, but as residential sales continue to decline in Metro Vancouver we are experiencing a shift toward a Buyer’s market. Here’s an overview of the real estate market based on September’s activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 percent decrease from the 3,149 sales recorded in September 2021, and a 9.8 percent decrease from the 1,870 homes sold in August 2022. Last month’s sales were 35.7 per cent below the 10-year September sales average.
To understand what’s happening in the real estate market you have to look at supply and demand. The best measures are:
Supply & Demand
Less inventory & fewer months of supply will make conditions more favourable for sellers, while more inventory and higher months of supply is more favourable for buyers. The sudden slow down in sales and hence increase in months of supply mean it’s now a more balanced market and no longer a strong sellers market.
With predictions suggesting home prices are going to continue falling, waiting it out might not be a feasible option. So, if you find yourself needing to list your home in an ever increasing competitive market, there are some things you can do to ensure you sell in a timely manner and for a respectable price.
Recommended read > Tips for Selling Your Home in a Buyer’s Market
Ultimately, you’ll want to utilize as many marketing strategies as you can, and that starts with choosing the right Realtor.
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RE/MAX All Points Realty
102-321 Sixth St,
New Westminster, BC, V3L 3A7