A year ends with a flourish and a new year begins with confidence. We will all remember the 2022 housing market as one of the most volatile that Metro Vancouver has ever seen, rising to unprecedented highs early in the year only to fall to a near 40-year low by December. Along the way the …
It’s Deja-vu as November sales mirror 2018 As Peter (Yogi) Berra famously said, “It’s Deja-vu all over again” but in this case it is in comparing Metro Vancouver’s housing market in November 2018 and what we are experiencing today. 2018, after all, was also a down market and that November’s housing sales across Greater Vancouver …
Positive signs emerge as buyers’ market strengthens Highlights of the October report Lowest benchmark home price: New Westminster at $809,800 Highest number of Greater Vancouver sales since June 2022 Benchmark home price is down 9.2% from six months ago North Vancouver average home prices up 8.5% from September West Side detached house sales highest in …
The worst of times; the best of times in the Metro Vancouver housing market Five markets have composite home prices under $1 million Home prices down for the sixth month in a row Detached housing now firmly in a buyer’s market Total residential sales in September test a 30-year low, but not as low as …
New listings, housing starts flirt with record lows in August Total new listings in August the lowest in more than 28 years Ladner townhouses and condos fall to 1-month supply At least six major condo projects have stopped or stalled this year Existing condos, townhouses can’t be replaced at their current value Surrey strata housing …
Homebuyers, investors take advantage in this market Average 5-year mortgage rates are up just 1.4% from six months ago. First-time homebuyers in B.C. are down 46% compared to a year ago. Foreign homebuyers now account for just 1% of Metro transactions. July benchmark detached house price is up $47,500 from January 2022. The number of …
HIGHLIGHTS OF THE JUNE 2022 REPORT Biggest drop in month-over-month house price Port Coquitlam down 5.9% Biggest increase in month-over-month house price: West Vancouver, up 0.4% Total housing starts are down 45% so far this year compared to 2021, at 24,531. Composite home price in Greater Vancouver is $186,900 higher than in June 2020 It …
Highlights of the May 2022 report Is a buyer’s market looming in Metro Vancouver? Vancouver detached house sales down 42% year-over-year Fraser Valley sales drop 54% from a year earlier Stress test increased on June 1: could touch near 7% There are more than 16,000 homes now listed for sale in Metro Vancouver (10,400 in …
Welcome back to a balanced market. Don’t be afraid. HIGHLIGHTS OF THE APRIL REPORT Immigration at record high; housing starts down 41% April housing sales down 34% from a year earlier Price resistance as detached house tops $2.1 million Markets where detached house prices are down from March 2022: 5 Markets where detached house sales …
This housing cycle is ending. What’s next? The sales super cycle that the Metro Vancouver housing market has been in for two years is ending. It is nearly over in Fraser Valley, where March sales were down 22.5% from a year earlier and average prices dropped nearly 6% from February 2022, and similarly in Greater …