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

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.

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

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

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

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

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

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

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

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

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