Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com
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
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
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
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.
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 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.
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.
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
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.
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
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
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
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
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
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
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Give me a call at 604-779-8408