Hi everyone! We are officially counting down to Christmas and the holiday season. I hope you have had a strong year and achieved a lot of your goals.
Here are the latest numbers for Vancouver real estate. We are still in a Balanced Market but the momentum is moving towards seller's favor. As of today, the Sales-To-Active-Listing ratio is 16.3%. But, if you refer to the breakdowns above, you'll find that townhouses and apartments are almost out of range.
In November, we had 1,702 transactions. Our current inventory is 10,931 homes listed for sale on the MLS. There have been more transactions than in the same time last year. Home prices are holding very steady without much changes.
With the big 5 banks already begun to lower their mortgage rates, as well as forecasts of expected Bank of Canada rate cuts in early 2024, the market is ready to get much busier soon.
If you are thinking about selling your home right now, keep in mind that there are lots of qualified buyer shopping the market. There's an average of 56 homes being sold every day in November! With that said, I have not been seeing a lot of multiple offers taking place. Pricing your home close to their fair market value is an important factor to make sure your home receives the proper market exposure. When you are looking to establish the listing price, pay close attention to comparable sales and "Date on Market" of unsold homes.
For those of you looking to purchase a home this month, note that good quality apartments and townhouses are getting picked up VERY QUICKLY! There are more selections if you are shopping for single family homes, but I still see some good homes being purchased in less than 7 days of hitting the market. I have to emphasize the importance of constantly having your eye on the market. Typically, new listings are published on Mondays, so make sure you refresh your inventory list throughout the day on Monday. Better yet, set up automatic updates. My website has the function to notify you of any NEW LISTINGS, AND NEWLY SOLD LISTINGS. Go to https://www.josephliang.com/ and click "account" on the top right.
Do you have any specific question? Any topic you'd like me to cover? Send me an email, and I'd love to hear from you.
Talk to you in the new year!
Your Favourite Realtor