Market Update Videos

🏡 Metro Vancouver Market Update – February 2026 📊

Thu, 26 Mar 2026 23:59:00 GMT

Metro Vancouver home sales in February continue to reflect the “new normal,” with activity still below long-term averages. While sales are down compared to last year, we’re also seeing fewer new listings come onto the market—especially in the condo segment.

Buyers continue to benefit from increased leverage and selection, while sellers need to focus on strong pricing and presentation to stand out.

https://youtu.be/gwuKpkyeAIM
💬 Questions about the market or your plans for 2026? Let’s chat!
📲 Watch the full video update and subscribe for ongoing insights.

#RealEstateMarket #MetroVancouver #HousingTrends #MarketUpdate #HomeBuying #HomeSelling #RealEstateCanada #VancouverRealEstate #BuyersMarket

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

🏡 Metro Vancouver Market Update – January 2026 📊

Tue, 24 Feb 2026 01:47:04 GMT

Sales started the year slower than normal. We saw 1,107 sales, which is down about 29% from January last year and also well below the 10-year average for January.

https://youtu.be/dhRtk7GmPeE
📲 Watch the full video for the full breakdown and insights.
💬 DM anytime to talk through your next move.

#MetroVancouverRealEstate #NewNormal #HousingMarket #MarketUpdate #RealEstateCanada #HomeBuying #HomeSelling #2026Market

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

🏡 Metro Vancouver Market Update – December & Year-End 2025 📊✨

Mon, 26 Jan 2026 19:51:24 GMT

2025 wrapped up with lower overall home sales, marking the slowest annual pace in over two decades. While demand remained subdued, sellers were active, pushing total listings well above the 10-year average and giving buyers more choice than we’ve seen in years.

The big theme heading into 2026: more inventory, lower borrowing costs, and more favourable conditions for buyers—the big question is whether demand comes back strongly.

https://youtu.be/2UJ7QEi4z3I
💬 Have questions about what this market means for your buying or selling plans in 2026? Let’s talk.
📲 Watch the full video for detailed insights.

#MetroVancouverRealEstate #MarketUpdate #HousingMarket #YearEndMarket #BuyersMarket #RealEstateTrends #HomeBuying #HomeSelling #RealEstateCanada

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

🏡 Metro Vancouver Market Update – November 2025 📊

Tue, 20 Jan 2026 01:33:51 GMT

Metro Vancouver home sales in November continued the slower trend we saw in October, coming in 15.4% lower than last year and well below the 10-year seasonal average. As we head into the holiday season, buyers are staying patient while sellers adjust to market conditions we haven’t seen in years. Inventory remains elevated, giving buyers more choice and encouraging realistic pricing in today’s market.

Deals are still happening, but timing and strategy matter more than ever. With more supply on the market and prices easing slightly year-over-year, this quieter holiday period can present opportunities for buyers who are prepared, and sellers who price correctly.

https://youtu.be/ruJCy75A-t0
💬 Questions about the market or your plans for 2026? Let’s chat!
📲 Watch the full video update and subscribe for ongoing insights.

#RealEstateMarket #MetroVancouver #HousingTrends #HolidayMarket #HomeBuying #HomeSelling #RealEstateCanada #MarketUpdate #BuyersMarket

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

🏡 Metro Vancouver Market Update – October 2025 📊

Tue, 25 Nov 2025 18:38:15 GMT

Metro Vancouver home sales this October were 14% lower than last year, staying below the 10-year seasonal average. With slower sales, more homes on the market, and the Bank of Canada cutting rates for the fourth time this year on October 29, buyers now have some of the best conditions we’ve seen all year, and many are watching closely to see how confidence will respond.

If you're thinking about buying or moving up, this market is in your favour, more supply, softer prices, and lower rates mean now is a great time to move!

https://youtu.be/2VNA6HU4x6Q
💬 Questions about the market? Let’s chat!
📲 Watch the full video update and subscribe for ongoing insights.

#RealEstateMarket #MetroVancouver #HousingTrends #FallRealEstate #HomeBuying #HomeSelling #RealEstateCanada #BuyersMarket #Upsizing

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

🏡 Metro Vancouver Market Update – September 2025 📊

Thu, 23 Oct 2025 21:49:08 GMT

With another Bank of Canada rate cut now behind us—and markets expecting at least one more before year-end—homebuyers in Metro Vancouver have reason to feel optimistic about the fall market.

💬 Questions about the market? Let’s chat! DM me.
📲 Watch the full video update and subscribe for ongoing insights!

https://youtu.be/rDObro6oOBY

#RealEstateMarket #MetroVancouver #MortgageRates #FallRealEstate #HomeBuying #HomeSelling #RealEstateCanada #Upsizing #HousingTrends

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

🏡 Metro Vancouver Market Update – June 2025 📉📈

Mon, 21 Jul 2025 22:02:35 GMT

The market is stabilizing! With increased home inventory and mortgage rates down about 2% since last summer, buyers have more choices and better financing options. Sellers, pricing competitively is key to standing out, and upsizers now have great opportunities to upgrade.

Thinking about your next move? The right strategy could put your dream home within reach sooner than you think!

💬 Questions about timing the market? Let's chat! DM me.

📲 Watch the full video update and subscribe for ongoing insights!

https://youtu.be/4EaxTy54ACI

#RealEstateMarket #MetroVancouver #MortgageRates #SummerRealEstate #HomeBuying #HomeSelling #RealEstateCanada #Upsizing #HousingTrends

MAY 2025 MARKET UPDATE

Thu, 19 Jun 2025 19:19:02 GMT

🏡 Metro Vancouver Market Update – May 2025 📉📈
Inventory just hit a 10-year high while sales are still lagging—down nearly 30.5% below the seasonal average. Prices are softening and the gap between property types is narrowing, giving buyers and upsizers more power to negotiate.

Could 2025 follow the rebound path we saw in late 2020? 🤔
If you’ve been thinking about buying or upsizing, this could be your chance!

💬 Have questions about timing the market? DM me.
📲 Watch the full update and subscribe for more insights.

https://youtu.be/obSxZXfyNOw

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

#VancouverRealEstate #MarketUpdate #BuyersMarket #UpsizeSmart #VictorSongRealEstate #MetroVancouverHomes #RealEstateTips #HousingTrends2025 #VancouverHomes #HomeBuyingTips

APRIL 2025 MARKET UPDATE

Tue, 27 May 2025 19:40:33 GMT

Home sales remained slow in April — down nearly 24% year-over-year. This kind of slowdown is unusual, especially with borrowing conditions improving, which would normally spark more activity.

But this year has been anything but normal.

Watch for more details and stay tuned for more updates on the BC real estate market.

Want to stay informed on real estate trends? Hit subscribe!

https://youtu.be/y2YFjXDVqZ4

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

March 2025 Market Update

Tue, 22 Apr 2025 22:29:05 GMT

The ongoing tariff war is weighing on consumer confidence, and that uncertainty is impacting the real estate market.

But if we set aside the political and economic unknowns tied to the U.S. administration’s trade policies and the upcoming Canadian federal election, Metro Vancouver is currently offering some of the most buyer-friendly conditions we’ve seen in years.

Watch for more details and stay tuned for more updates on the BC real estate market.

Want to stay informed on real estate trends? Hit subscribe!

https://youtu.be/UPmoeiQJNec

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

February 2025 Market Update

Tue, 22 Apr 2025 22:23:13 GMT

After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions.

With the Bank of Canada's rate cut on March 12th, homebuyers will see improved borrowing conditions while benefiting from the largest selection of homes available since pre-covid times.

However, the ongoing tariff war may slow housing activity, while rising construction costs could delay projects and keep new home prices elevated. BC’s diverse trade portfolio may help mitigate the impact. A likely scenario is a temporary slowdown before a rebound driven by lower mortgage rates.

Stay tuned for more updates on the BC real estate market.

Want to stay informed on real estate trends? Hit subscribe!

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

January 2025 Market Update

Fri, 07 Mar 2025 22:20:11 GMT

Metro Vancouver's housing market kicked off 2025 with a surge in new listings! January saw a 46% increase in newly listed homes compared to last year, as sellers entered the market early. With inventory above typical seasonal levels, will increased supply create more opportunities for buyers in the months ahead?

Want to stay informed on real estate trends? Hit subscribe!

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

December 2024 Market Update Video

Fri, 24 Jan 2025 17:03:42 GMT

Metro Vancouver home sales surged 31% year-over-year in December, signaling strengthening demand as 2024 came to a close. With buyer activity rising and inventory levels increasing, is the market poised for further growth in 2025?

Want to stay informed on real estate trends? Hit subscribe!

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

November 2024 Market Update Video

Thu, 23 Jan 2025 16:24:42 GMT

Metro Vancouver home sales climbed 28% year-over-year in November, continuing the momentum from October’s 30% increase. With buyer activity picking up and inventory levels shifting, could this signal a stronger rebound in the market heading into the new year?

Want to stay ahead in real estate? Hit subscribe!

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

October 2024 Market Update Video

Fri, 22 Nov 2024 20:37:03 GMT

Metro Vancouver home sales soared over 30% year-over-year in October, fueled by lower mortgage rates and renewed buyer confidence. With four rate cuts from the Bank of Canada, the market is improving. Could this signal the end of price moderation and the start of a more competitive market?

Want to know more? Just hit subscribe!

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

September 2024 Market Update

Tue, 29 Oct 2024 19:14:34 GMT

Buyers remain cautious to begin the fall market. Home sales totaled 1,852 that is a 3.8% decrease compared to September 2023 and 26% below the 10-year seasonal average. The benchmark price for all residential homes is currently $1.179M representing a 1.8% decrease from September 2023, and a 1.4% decrease compared to August 2024.

However, Market conditions are shifting this October—curious to learn more?

👨‍💼 Victor Song PREC*
📍 Royal LePage Sterling Realty
📞 604-779-8408
📧 info@victorsong.com
🌐 www.victorsong.com

August 2024 Market Update

Wed, 16 Oct 2024 15:51:54 GMT

Home sales in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close. Home sales totaled 1,904 that is a 17% decrease compared to August 2023 and 26% below the 10-year seasonal average.

The benchmark price for all residential homes is currently $1.196M representing a 0.9% decrease from August 2023, and a 0.1% decrease compared to July 2024.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

July 2024 Market Update

Tue, 27 Aug 2024 02:23:00 GMT

Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly 20% year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market.

Home sales totaled 2,333 that is a 5% decrease compared to July 2023 and 18% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

June 2024 Market Update

Fri, 26 Jul 2024 21:52:00 GMT

Metro Vancouver home sales remained below seasonal and historical averages in June. Inventory has continued to accumulate to levels last seen in the spring of 2019.

Home sales totaled 2,418 that is a 19% decrease compared to June 2023 and  24% below the 10-year seasonal average. 

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

May 2024 Market Update

Wed, 26 Jun 2024 21:51:00 GMT

The number of sales declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed in Metro Vancouver.

Home sales totaled 2,733 that is a 20% decrease compared to May 2023 and  20% below the 10-year seasonal average. 

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

April 2024 Market Update

Mon, 27 May 2024 22:53:00 GMT

Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.

Home sales totaled 2,831 that is a 3% increase compared to April 2023 and 12% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

March 2024 Market Update

Fri, 26 Apr 2024 22:53:00 GMT

The number of Metro Vancouver homes listed for sale on the MLS® rose nearly 23% year-over-year, providing more opportunity for buyers looking for a home this spring.

Home sales totaled 2,415 that is a 5% decrease compared to March 2023 and 31% below the 10-year seasonal average. 

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

February 2024 Market Update

Sun, 24 Mar 2024 19:48:14 GMT

While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 percent year-over-year in February, bringing a significant number of newly listed properties to the market.

Home sales totaled 2,070 that is a 13.5% increase compared to February 2023 and 23% below the 10-year seasonal average. 

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

January 2024 Market Update

Mon, 26 Feb 2024 03:06:00 GMT

Home sales across Metro Vancouver’s housing market is off to a strong start in 2024 compared to 2023.

Home sales totaled 1,427 that is a 38.5% increase compared to January 2023. This was 20.2% below the 10 year seasonable average.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

December 2023 Market Update

Mon, 22 Jan 2024 03:04:00 GMT

Metro Vancouver’s housing market closed out 2023 with market conditions that were resilient in the face of the highest borrowing costs seen in over a decade.

Home sales in 2023 totaled 26,249 that is a 10% decrease from sales recorded in 2022. Last year’s sales total was 23.4% below the 10-year annual sales average.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

November 2023 Market Update ~ Happy Holidays!

Sun, 24 Dec 2023 23:19:22 GMT

A steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.

Home sales totaled 1,702 that is a 5% increase compared to November 2022 and 33% below the 10-year seasonal average.

The benchmark price for all residential homes is currently $1.1851M representing a 5% increase from November 2022, and a 1% decrease compared to October 2023.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

October 2023 Market Update

Mon, 20 Nov 2023 22:52:00 GMT

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

Home sales totaled 1,996 that is a 4% increase compared to October 2022 and 30% below the 10-year seasonal average.

The benchmark price for all residential homes is currently $1.1965M representing a 4.4% increase from October 2022, and a 0.6% decrease compared to September 2023.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

September 2023 Market Update

Wed, 25 Oct 2023 16:43:00 GMT

The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.

Home sales totaled 1,926 that is a 13% increase compared to September 2022 and 26% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

August 2023 Market Update

Mon, 25 Sep 2023 22:08:00 GMT

As summer comes to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

Home sales totaled 2,296 that is a 21% increase compared to August 2022 and 14% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

July 2023 Market Update

Sun, 27 Aug 2023 21:03:00 GMT

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.

Home sales totaled 2,455 that is a 29% increase compared to July 2022 and 16% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

June 2023 Market Update

Sat, 22 Jul 2023 19:36:00 GMT

June home prices continue to rise in Metro Vancouver’s housing market due to limited inventory of homes for sale in the region.

Home sales totaled 2,988 that is a 21% increase compared to June 2022 and 9% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

May 2023 Market Update

Mon, 26 Jun 2023 23:44:00 GMT

Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives. While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

Home sales totaled 3,411 that is a 16% increase compared to May 2022 and 1% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

April 2023 Market Update

Thu, 25 May 2023 02:15:00 GMT

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down.

Home sales totaled 2,741 that is a 17% decrease compared to April 2022 and 16% below the 10-year seasonal average.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

March 2023 Market Update

Wed, 26 Apr 2023 01:14:00 GMT

Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

Home sales totaled 2,535 that is a 43% decrease compared to March 2022 and 28% below the 10-year March sale average.

If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer. But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, home sales will remain lower than we’re accustomed to seeing at this point in the year.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

February 2023 Market Update

Sun, 26 Mar 2023 18:19:40 GMT

New listing activity remains among the lowest in recent history and sales are struggling to hit typical levels for this point in the year.

Home sales totaled 1,808 that is a 47% decrease compared to February 2022 and a 77% increase compared to January 2023.

While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

January 2023 Market Update

Mon, 27 Feb 2023 05:30:00 GMT

Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.

Home sales totaled 1,022 that is a 55% decrease compared to January 2022 and a 21% decrease compared to December 2022.

Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history. Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

December 2022 Market Update

Wed, 25 Jan 2023 19:20:00 GMT

After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.

Closing out 2022, the data show that the Bank of Canada’s decision to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver. While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer.

In the first few weeks of January, we are seeing very low inventory coupled with many buyers out at these open houses which are translating to multiple offers for selected properties. 2023 will be a very interesting year in real estate.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

November 2022 Market Update ~ Happy Holidays!

Thu, 12 Jan 2023 20:42:13 GMT

Home sale and listing activity continue trending below long-term averages in November.

Home sales totaled 1,614 that is a 53% decrease compared to November 2021 and a 15% decrease compared to October 2022.

Heading into 2023, from a long-term structural view, the current pace of listings and available inventory remain tight when considered against a backdrop of continued migration to the province. With the recently announced increase in federal immigration targets and the that the Bank of Canada might be near the end of its interest rate hiking cycle, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.

If you are looking to buy, sell or wonder what might happen in real estate in 2023, please contact me.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

October 2022 Market Update

Mon, 21 Nov 2022 17:46:00 GMT

Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.

Home sales totaled 1,903 that is a 46% decrease compared to October 2021 and a 13% increase compared to September 2022.

Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options. With the possibility of yet another rate hike by the Bank of Canada this December, it is very important to secure financing as early in the process as possible.

Sales numbers are down but inventory levels are actually at multi-year low. When I entered the industry many years ago, we had inventory levels at 20,000 homes for sale but right now we are at 50%, closer to 10,000 homes for sale.

All these factors from inflation, interest rates, inventory levels are causing big variations in the marketplace - we are still seeing multiple offers on selected products for our sellers to some amazing deals & discounts for our buyers. This is a unique market to navigate.

I find this year’s market to be very similar to 2018. Will 2023 follow in the footsteps of 2019? If you are looking to buy, sell or have real estate questions, please contact me.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

September 2022 Market Update

Mon, 24 Oct 2022 20:52:05 GMT

Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages.

Home sales totaled 1,687 that is a 46% decrease compared to September 2021 and a 10% decrease compared to August 2022.

This difference in sales activity of single family homes versus apartments & townhomes provides an opportunity for homeowners looking to upsize. With fewer homes selling and new listings continuing to come to market, there is more inventory, providing buyers with more selection compared to last year.

With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period but at the same time, home prices have edged down over the last 6 months. It’s very important for buyers to work with experienced and professional mortgage brokers.

If you are wondering how much you can borrow in today’s environment, please give me a call and I can connect you with my network of amazing mortgage brokers or if you have any other real estate questions.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

August 2022 Market Update

Mon, 26 Sep 2022 17:13:00 GMT

Metro Vancouver’s housing market sees fewer home buyers and sellers in August. It is experiencing a quieter summer season marked by reduced sale and listing activity.

Home sales totaled 1,870 that is a 41% decrease compared to August 2021 and a 1% decrease compared to July 2022.

Home buyer and seller activity shifted below our long-term seasonal averages this summer. Inflationary pressure and interest rates on the rise are drivers of these trends. This shift in market conditions caused prices to edge down over the past four months.

Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. Preparation is critical in today’s market. If you want to assess what today’s home prices, financing options, and other considerations mean for you, please give me a call.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

July 2022 Market Update

Mon, 15 Aug 2022 17:02:00 GMT

Home buyer demand continues to ease across Metro Vancouver. Housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

Residential home sales totaled 1,887 that is a 43% decrease compared to July 2021 and a 23% decrease compared to June 2022.

After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision. In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

June 2022 Market Update

Mon, 18 Jul 2022 21:03:00 GMT

With interest rates and housing supply increasing, Metro Vancouver home buyers are operating in a changing marketplace to begin the season.

Residential home sales totaled 2,444 that is a 35% decrease compared to June 2021 and a 16% decrease compared to May 2022.

Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate and offer more choices for buyers.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

May 2022 Market Update

Mon, 20 Jun 2022 21:13:00 GMT

Spring ushers in calmer housing market trends in Metro Vancouver. After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.

With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.

Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

April 2022 Market Update

Mon, 23 May 2022 16:00:00 GMT

Metro Vancouver home sales return to more traditional levels in April.

So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year. While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.

With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to contact me to understand how these factors could affect your home buying or selling situation.

Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

March 2022 Market Update

Mon, 18 Apr 2022 20:30:00 GMT

While down from last year’s record numbers, home sale activity in Metro Vancouver’s housing market remained elevated in March.

March 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago. Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.

If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

February 2022 Market Update

Thu, 24 Mar 2022 21:52:00 GMT

The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.

We are currently mid March and I do see some moderation in certain markets and price points likely because of higher interest rates. However, current inventory is low which makes it a very interesting market to navigate for buyers and sellers.

If you are looking to buy, sell or have questions about real estate, please give me a call.

‍Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

January 2022 Market Update

Tue, 22 Feb 2022 22:44:00 GMT

Low supply keeps upward pressure on home prices across Metro Vancouver’s housing market. The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.

As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year. With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.

If you are looking to buy, sell or have questions about real estate, please give me a call.

‍ Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

DECEMBER 2021 MARKET UPDATE

Mon, 24 Jan 2022 17:31:00 GMT

Metro Vancouver home sales set a record in 2021. Home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.

Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

NOVEMBER 2021 MARKET UPDATE

Thu, 23 Dec 2021 09:04:00 GMT

Home sales activity remains up, listings down across Metro Vancouver’s housing market.

As we near the end of 2021, home buyer demand remains in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market.

If you are looking to buy, sell or have questions about real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com