WHILE WE REMAIN IN A SELLER’S MARKET, WE’RE BEGINNING TO SEE SIGNS OF A MARKET SHIFT.
There were 4,344 sales in March 2022 which represents a 23.9% decrease from March 2021 (record month), and a 26.9% increase from February 2022.
There are currently 7,628 listings active on MLS in Greater Vancouver: this is a 13.1% increase from February 2022 and a 16.6% decrease from March 2021.
On the field, we’re noticing less showings, less offers, and ultimately less premiums being paid for most product-types.
Looking into the Burnaby and Tri-Cities markets specifically:
BURNABY:
The most active home type was townhomes: selling at 113%.
I can attest to this segment of the market being strong as our team recently sold a property in the area higher than we first anticipated.
COQUITLAM:
Followed the trend with townhomes in the area selling at 149%.
PORT MOODY:
Most active segment was condos, selling at 135%.
PORT COQUITLAM:
Townhomes sold at 167%
looking towards the future:
If you noticed, single family detached homes are not leading in any of the areas. The sell through ratios have decreased to the low being Burnaby at 42% and the high of Port Moody at 84%. This is due to affordability as now the lowest benchmark value to purchase into these areas is Port Coquitlam at $1,615,000.
We’ve had a few experiences working with clients this past month where properties we’ve looked at have sold for less than we thought. If you were looking for a home in the past and were frustrated of the pace, there may be more opportunity for you over the next few months.
Buyers are keeping an eye on interest rates with a few of the big banks raising their fixed rates to 4%. Variable rates remain incredibly low but The Bank of Canada is rumored to increase this by a 1/2 % on April 13th.
