It has now been 18 months of a declining market. In my January newsletter of Predictions for 2019 I said by June/July the market will stabilize, and for houses it has. On a number of my listings recently I’ve had multiple offers, even selling over asking. It’s not just me, when I talk to other realtors they say they’re busy, as well as the bank appraisers. You may have noticed that those signs that have been up for sale now have sold stickers on them. This is simply because people can only sit still for so long, they have to fulfill their housing needs. We have ultra low interest rates and a steady flow of people moving into the lower mainland.
Condos and townhomes will have another couple months of correcting due to the fact that they didn’t start their correction until several months after the housing market. When it comes to the hot spots in the market, it’s based on affordability. East Vancouver houses with basement suites under $1.6 are selling like hot cakes, same with houses on the Westside under $2.5, and North Vancouver is very active as well. I’m even seeing some land assemblies starting to sell.
There are still great buying opportunities. For some funny reason, people feel more confident buying when there is more competition. We still have some hurdles, but there is light at the end of the tunnel now. My recommendation is if you’re thinking of buying, buy now. Prices will be higher in the new year.
Inventory is now slightly double than what the sales are. This is a typical daily screenshot on MLS of new inventory vs sales. A screenshot 2 months ago would’ve seen close to 200 new listings and around 50 sales. The amount of inventory on the market is significantly less than this spring. Typically sales slow down in June and July, whereas I’ve seen sales increase this year.
Mark Hammer PREC*
RE/MAX Crest Realty