Market Update Videos 

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






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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






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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

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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




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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

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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
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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

www.victorsong.com

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Metro Vancouver home buyers compete for fewer home listings in October.
 

Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region. Rising fixed mortgage rates should eventually help ease demand, but sales remain strong and buyers with rate holds will remain motivated to find a property.


Victor Song PREC*

Royal LePage Sterling Realty

604-779-8408

info@victorsong.com

www.victorsong.com


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Elevated home sale activity continues to outstrip the supply of homes for sale in Metro Vancouver. If you are looking to buy, sell or have questions about real estate, please give me a call.


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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While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.


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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Metro Vancouver’s housing market saw more moderate sales listing and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.


Moderation was the name of the game in July. Home sales and listings fell in line with typical seasonal patterns as summer got going. On top of moderating market activity, price growth has leveled off in most areas and home types.


Low housing supply remains a fundamental factor in Metro Vancouver’s housing market. Going forward, the supply of homes for sale will be an important factor to watch. Other factors to consider include the opening up of the borders and increasing immigration which will impact the real estate 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

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Metro Vancouver’s housing market sets a steady, calmer pace to begin the summer season.


Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring. The past two months have shown a market that’s shifting toward more historically typical conditions.


With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals. We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.


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 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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