Dear clients and future clients,
Hope you are doing well and enjoyed the cherry blossoms last week while they were here. It’s always a highlight of Spring for me! Here are some real estate news for your entertainment.
Interest Rate
While the official interest rate is unchanged, fixed mortgage rates are being offered by many banks are quietly ticking down. I have heard of 5-year-fixed mortgages being offered at below 5% while variable mortgages are offered at close to 7%. Is this a sign that Bank of Canada is preparing for sizable rate reductions in the coming quarters?
Market Stats
Vancouver real estate has been holding steady. More specifically, there were a total of 2,535 transactions in March. Apartments lead in number of transactions, and are followed by single detached homes, then by attached homes (duplexes and townhouses).
There were a total of 10,552 active listings by the end of March. This translate to a Sales-To-Active Ratio of 23.8%. In other words, for every 4 homes listed coming on the market, one was sold within a month. This number firmly plants Vancouver real estate in a seller’s market.
As for property value, since we are in a seller’s market, there is a steady upward pressure on price. We are looking at 4.7% increase in price, year over year. The current Benchmark Price for Greater Vancouver is $1,196,800.
Do you currently have a home / property listed for sale on the market? Of course, real estate is local and every neighbourhood will behave differently depending on the amount of inventory and buyer activities. However, a good rule of thumb for most market is: If your property is receiving no showing request, it is very likely overpriced by over 20%. If your property is being shown regularly but is without any offers, it is likely 10-15% overpriced. Dig a bit deeper into the detailed market trend in your local area. Numbers don’t lie.
Do you have any questions about your specific neighbourhood? Have you heard something on the news that raises some confusion? Has it just been a while and you want to hear my lovely/annoying voice? Give me a call. Happy to chat real estate with you!
Sincerely
Your Favourite Realtor
Joseph Liang
4/7/2024
Hope you are doing well and enjoyed the cherry blossoms last week while they were here. It’s always a highlight of Spring for me! Here are some real estate news for your entertainment.
Interest Rate
While the official interest rate is unchanged, fixed mortgage rates are being offered by many banks are quietly ticking down. I have heard of 5-year-fixed mortgages being offered at below 5% while variable mortgages are offered at close to 7%. Is this a sign that Bank of Canada is preparing for sizable rate reductions in the coming quarters?
Market Stats
Vancouver real estate has been holding steady. More specifically, there were a total of 2,535 transactions in March. Apartments lead in number of transactions, and are followed by single detached homes, then by attached homes (duplexes and townhouses).
There were a total of 10,552 active listings by the end of March. This translate to a Sales-To-Active Ratio of 23.8%. In other words, for every 4 homes listed coming on the market, one was sold within a month. This number firmly plants Vancouver real estate in a seller’s market.
As for property value, since we are in a seller’s market, there is a steady upward pressure on price. We are looking at 4.7% increase in price, year over year. The current Benchmark Price for Greater Vancouver is $1,196,800.
Do you currently have a home / property listed for sale on the market? Of course, real estate is local and every neighbourhood will behave differently depending on the amount of inventory and buyer activities. However, a good rule of thumb for most market is: If your property is receiving no showing request, it is very likely overpriced by over 20%. If your property is being shown regularly but is without any offers, it is likely 10-15% overpriced. Dig a bit deeper into the detailed market trend in your local area. Numbers don’t lie.
Do you have any questions about your specific neighbourhood? Have you heard something on the news that raises some confusion? Has it just been a while and you want to hear my lovely/annoying voice? Give me a call. Happy to chat real estate with you!
Sincerely
Your Favourite Realtor
Joseph Liang
4/7/2024