Market Update Videos 

RSS

 

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

Read

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

Read

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

Read

 
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
Read

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

Read

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
Read

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
 
Read

 
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
Read

 
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

Read

 
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


Read

 

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

Read

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
Read

 
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

Read

 

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

Read

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



Read

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

Read

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

Read

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

Read

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






Read

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






Read
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.