June 2023 Market Statistics
Posted on Jul 07, 2023 in Statistics
Last month, as we were just about to send out our May newsletter, we received the news of the Bank of Canada raising its key lending rate to 4.75%, the highest level in 22 years. You would expect that to dampen the number of sales across all cities, however, June sales results were actually positive in the more affordable areas. In the Greater Vanc...
May 2023 Market Statistics
Posted on Jun 05, 2023 in Statistics
In May, there has been a noticeable increase in activity within the real estate market. Properties that are priced appropriately are garnering significant attention, leading to the resurgence of multiple offers. It's worth reminding potential buyers that the current prices are still generally lower than a year ago.
Since this time last year:
Condos...
Since this time last year:
Condos...
April 2023 Market Statistics
Posted on May 05, 2023 in Statistics
The cork in the bottle of buyer demand here on the West Coast has finally popped. This can be seen by looking at the average sale price of all properties sold in April, which is 99.2% of the asking price. This means that that there are many properties that are selling for over their asking price. This might also imply that sellers have become more...
March 2023 Market Statistics
Posted on Apr 01, 2023 in Statistics
With the arrival of April showers, Spring has officially "sprung", and the world around us will quickly start to turn a lush green.
This time of year typically marks a significant uptick in activity within the real estate market. However, this year's potential homebuyers seem to be more tentative in their approach, even though the number of visitors...
February 2023 Market Statistics
Posted on Mar 01, 2023 in Statistics
Hope you all enjoyed the unexpectedly snowy February. We were thinking of taking the snow tires off already and then, Bam! another big snowfall. You would think that would have cooled the already cool real estate market but the opposite has become true. We are returning to the time when multiple offers are in the mix, unfortunately. Maybe our perce...
January 2023 Market Statistics
Posted on Feb 01, 2023 in Statistics
This past January market was one of the quietest so far. Yet, on the policy change front, there is much news. We are going to highlight some of the major events and changes.
BANK OF CANADA RATE HIKE
The Bank of Canada has raised its key rate by 0.25% to 4.50% which is the 8th consecutive rate hike. The BoC expects inflation to return to 2% by 2024 an...