Greater Vancouver home buyers hoping to score a nice discount may be in a big disappointment.
Prices are expected to increase in the fall in the face of tight supply.
A third quarter market analysis by the real-estate board noted that “home price growth essentially flattened across Metro Vancouver in the summer”.
“Expect, however, to see upward pressure on prices in the fall as above-average sales volumes meet low inventory levels,” stated the report by the Real Estate Board of Greater Vancouver.
While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021. Last month’s sales were 20.4 per cent above the 10-year August sales average. “August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist. There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021.
The chief economist of the trade association of B.C. and Ontario credit unions expects interest rates to remain low for some more time.
Bryan Yu with Central 1 Credit Union anticipates that the Bank of Canada will raise its interest-setting rate only toward the end of 2022.
Yu doesn’t see the bank “pulling the trigger too quickly”.
“Our view is that the bank is going to be more patient,” Yu told the Straight in a phone interview.
A recent survey has found that Greater Vancouver has the most multiple property owners in Canada.
Carried out by Royal LePage, the online survey asked 1,500 Canadians in Greater Vancouver (500), the Greater Toronto Area (500) and the Greater Montreal Area (500) over one week in June. It was found that 12% of property owners in the GMA owned more than one property, 13% in the GTA and 14% in Greater Vancouver. Over 40% of those secondary property owners in the GTA and Greater Vancouver used equity from their primary residence to make the purchase.
While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.
Bus routes to White Pine Beach at Sasamat Lake, as well as the Buntzen Lake Recreational Area and Belcarra will see more weekday and weekend service in the coming weeks in anticipation of greater customer demand
The Metro Vancouver* housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.
Starting June 1, Canadian homebuyers will face tougher mortgage stress test rules that will decrease the buying power of most borrowers.
The move, announced by the country’s banking regulator in May, was in response to an overheated market that has already started to see signs of cooling.
Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.
Low interest rates, bulked up savings and the availability of remote work has made homeownership more attractive, even if affordability is decreasing
Millennials want space, both outdoors and indoors, to accommodate their new work-from-home lifestyle. PHOTO BY NORM BETTS/BLOOMBERG
A quarter of millennials have purchased homes in the past year, as the pandemic has created a near-perfect window of opportunity for them to buy, according to a new poll.