Market Update Videos 


Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace.


While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year. With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.


We’ll pay close attention to these factors leading into the summer to understand what effect they’ll have on the current market cycle. The first is that sales easing down from record peaks. The second is the revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5%. And third factor to watch is the average five-year fixed mortgage rate climbing back over 2% since the beginning of 2021.


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

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Home sellers are increasingly active in Metro Vancouver’s housing market this spring due heightened demand and rising home values.
 
Record low-interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes.
 
With our market at record activity in recent months, and with the safety risk that COVID-19 poses, we remain focused on helping clients make sound and responsible buying and selling decisions while continuing to strictly follow the pandemic safety protocols.
 
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





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March home sales and new listings set records in Metro Vancouver. Home buyer and seller activity reached unprecedented levels across Metro Vancouver.


In March, residents bought and listed homes across our region at levels not seen before. This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.


While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year.


The current market is exciting and fast-paced and requires creativity and skill to navigate.


If you’re thinking of buying or selling real estate, please give me a call.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

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Home buyer competition intensifies across Metro Vancouver’s housing market.


Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing. Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.


Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first time home buyers and move-up buyers entering the market.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

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Home buyer demand remains elevated across Metro Vancouver.


Shifting housing needs during the pandemic and historically low-interest rates have been key drivers of demand in our market over the last six months. People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.

Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

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Metro Vancouver housing market shows resilience in 2020.


After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace during the summer and intensified in the fall and winter seasons. Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.
‍Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

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November home sales outpace seasonal norms and long-term averages


Home buyer demand has been at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets.


The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today's market.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.
‍ Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

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Home sale and listing resurgence extends into the fall.


Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation. Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com

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Home sales reached record levels in September.


While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels limited.


COVID-19 has impacted the market in many ways. There are large variations in market activity based on property types and neighborhoods. Please give me a call and I can help you develop a strategy to meet your real estate needs.

‍Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

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Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market.


To understand what's happening in the real estate market during these times, please give me a call.

‍Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com

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Homebuyer and seller activity in Metro Vancouver exceeded historical levels in July.


To understand what's happening in the real estate market during these times, please give me a call.

‍Victor Song PREC*

Park Georgia Realty

604-779-8408

victor@victorsong.com

www.victorsong.com


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This real estate market feels like a spring market. Traditionally, the market gets busy for spring, followed by less activity in July & August due to vacations. However with the Covid-19 lockdown in March, the typical busy spring market has been pushed into this summer. With record low interest rates and low inventory levels, this is a very unique marketplace to navigate in.


To understand what's happening in the real estate market during these times, please give me a call.

Victor Song, PREC

Park Georgia Realty

604-779-8408

victor@victorsong.com

www.victorsong.com


Market Update Video in Chinese: https://youtu.be/8ClFThXP7YM

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I believe our home is now more important during the pandemic. We're working, living and teaching our kids at home. Having more space to be able to meet these needs are now more important than ever. I believe this is a great time to upsize and move into a home that fits yours and your family's needs.


To understand what's happening in the real estate market during these times, please give me a call.

‍Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com


Market Update Video in Chinese: https://youtu.be/Y-qVhoAJSGc

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Here is the latest Greater Vancouver Real Estate market update plus my analysis on what will happen to the real estate market after the re-opening.


To understand what's happening in the real estate market during these times, please give me a call.

‍Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com


Market Update Video With Chinese Subtitle: https://youtu.be/Oh6dsgZxMTI

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In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Realtors are named among the province’s list of essential services. “This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements.”


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.

‍Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com

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The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 2,150 in February 2020, a 44.9% increase from the 1,484 sales recorded in February 2019, and a 36.9% increase from the 1,571 homes sold in January 2020.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.

‍Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com

Read full post



We've begun 2020 with steady home buyer demand that tracks close to the region's long-term average. Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.

Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com

Read full post

 

Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes. Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.


To better understand conditions in your property type or neighborhood of choice:

‍Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com


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After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver. In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point.


To better understand conditions in your property type or neighborhood of choice, just give me a call and I can help you develop a strategy to reach your long-term real estate goals.

Victor Song, PREC

604-779-8408

victor@victorsong.com

www.victorsong.com

Read full post
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.