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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


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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

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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
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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

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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

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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



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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

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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

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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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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

Read

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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


Read

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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

Read

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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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