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Let’s discuss what’s been happening in the real estate market!
The Lower Mainland and Fraser Valley are currently experiencing a sellers market across all types of properties, including condos, townhouses, and single-family homes. In a sellers market, the demand for properties exceeds the available supply, typically indicated by a sales-to-active listings ratio of 20% or higher.
However, it’s important to note that the real estate market is dynamic and subject to fluctuations, and capturing its complexities in a single news article, that generally covers market activity across Canada, can be challenging. In June, certain areas experienced slower periods, reflecting the natural ebb and flow of the market.
Buyers have become more cautious in navigating multiple offer situations due to the prevalence of offer dates. The nature of these situations varies, with some listings receiving multiple offers without any conditions, while others receive offers with subjects.
Although it is a sellers market overall, there are still excellent opportunities for buyers to find great deals. Some properties may be overlooked and spend a longer duration on the market. However, open houses for condos, townhouses, and detached homes have remained vibrant, indicating sustained interest and engagement from potential buyers. With anticipated interest rate increases in July, we expect the market to remain stable.
CONDOS/TOWNHOUSES:
In June, the condo and townhouse market experienced a slight slowdown. Inventory levels remained relatively stable in most areas across the Greater Vancouver area and Fraser Valley compared to May, with some small increases in areas like New Westminster, Coquitlam, Surrey, North Delta, North Vancouver, Richmond, Ladner, Cloverdale, and Mission. Port Moody was the only area that saw a decrease in inventory over the month. Sales of condos and townhouses were varied, with some areas experiencing a decrease in listings sold, such as Burnaby, New Westminster, Coquitlam, Pitt Meadows, North Delta, Cloverdale, Langley, North Vancouver, Downtown Vancouver, Richmond, and Ladner. Other areas like Port Coquitlam, Port Moody, Maple Ridge, Surrey, South Surrey/White Rock, Abbotsford, and Mission saw an increase in sales throughout June. The average sale prices in most areas either decreased or remained stagnant, with the exception of Pitt Meadows and Surrey, which saw an increase. Several areas, including Burnaby, New Westminster, Coquitlam, Cloverdale, Richmond, North Vancouver, Langley, and Abbotsford, did not experience significant movement in average sale prices over the past two months. Surprisingly, areas like Port Coquitlam, Port Moody, Maple Ridge, South Surrey/White Rock, North Delta, Mission, Downtown Vancouver, and Ladner saw a decrease in the average sale price compared to May.
FORECAST:
Well-priced townhouses in desirable areas are expected to continue to sell quickly, and some may even attract multiple offers. Well-priced condos that are larger in size or located in up-and-coming areas are also anticipated to sell swiftly in the current market. However, it is likely that we will see fewer multiple offer situations receiving more than four offers, unless the properties are highly desirable.
DETACHED HOUSES:
As predicted in May’s market report, detached homes in all areas across the Greater Vancouver area and Fraser Valley saw an increase in inventory throughout June, with the exception of Pitt Meadows. Similar to the condo and townhouse markets, most areas experienced either an increase or a decrease in the number of listings sold, except for Langley, which remained stagnant in June. The number of homes sold increased in Port Moody, Pitt Meadows, Surrey, North Delta, Langley, Abbotsford, Tsawwassen, and Mission, while areas like Burnaby, New Westminster, Coquitlam, Port Coquitlam, Maple Ridge, South Surrey/White Rock, and Ladner saw a decrease in the number of homes soldThe average days on the market for detached homes has either remained the same or decreased in most areas, except for Port Moody and Mission, which saw an increase in the average days on the market.
FORECAST:
A significant number of home buyers have slowed down their activity and are waiting to see how the market and interest rates develop. This presents an opportunity for buyers to potentially acquire homes without having to compete in multiple offer situations. Properties with development potential will continue to hold significant value across many areas, indicating potential for new development. In the coming month, well-maintained homes or those offering good value are likely to attract swift buyer interest. Multiple offers will remain common in both the Fraser Valley and Greater Vancouver regions, especially for properties that are competitively priced in desirable locations. This competitive market trend highlights the importance of strategic pricing and positioning for sellers.
Looking ahead, the next month is expected to maintain a steady market pace, making it an ideal time to engage in a discussion with a real estate specialist like myself. Together, we can develop a tailored plan to help you achieve your real estate goals, both in the short term and the long term. If you want a more detailed analysis of your property or to go more in-depth about a specific area, please never hesitate to reach out. I am always happy to help.