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Blog by Graham Kirby

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Home Sales Improve - inventory highest in five years.

June 21st, 2019
      Home sales in May were the highest we have seen this year and 44.2% higher than April. However sales were still 22.9% below the ten year average and 6.9% less than May of last year. Affordability and tight lending regulations continue to be primary factors dampening housing demand at this time. There were 8.1% less new listings in May, 2019 compared with May 2018 but overall listing ...

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Many Potential home buyers still sitting on the fence in March

April 15th, 2019
March home sales for Greater Vancouver were down 31.4 % when compared to March 2018. However March sales were up 16.4% when compared to February 2019. Housing demand today is not matched with our growing economy and low unemployment. Most of the slow down we are seeing is the result of taxes and tighter lending policies introduced by the government over the past three years. What the governm ...

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Home inventories still increasing as many buyers remain on the fence

February 22nd, 2019
Home sales were down 39.3% from a year ago but up 2.9% from last month. There was a 27.7% increase in inventory of homes for sale in January of this year compared with January of last year. Sales were 36.3% below the ten year average and the lowest January sales since 2009. The sales to active listings ratio was 6.8% for Single Homes, 11.9% for Town Homes and 13.6% for Condos. When the sa ...

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Metro Vancouver homes sales below historical average for November

December 13th, 2018
Home buyer demand remained below historical averages for November and many consumers have taken a wait and see approach in recent months during this cooling down period. We have also seen prices edge down from the record highs reached over the last year. To put this in perspective, overall prices are now down 1.4% from a year ago. New listings for sale are down 15.8% compared with November 2 ...

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September housing inventories continue to grow in Metro Vancouver

October 22nd, 2018
Inventories of homes available for sale continued to grow across Metro Vancouver in September and sales continued to decline. September sales were 36.1% below the ten year average and housing inventory is the highest we have seen in four years. More supply and less demand has been reflected in a slow easing in prices in most categories and price points. Condos and Town Homes are presently in ...

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Sales slow down across BC

August 22nd, 2018
The BC real estate market has continued its slowdown in sales for the months of July and August and the B.C. Real Estate Association (BCREA) is predicting a 21 percent drop in sales for 2018. The biggest factor , agreed by many experts in the industry is attributed to the tougher mortgage qualification rules introduced in January by the federal government. In simple terms the new rules reduce ...

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Good News for some Single Home Buyers

May 14th, 2018
The MLS stats for April show the detached, Single House market being affected most by the federal and provincially imposed measures designed to cool the housing  market. Listings are up and sales were down in April which is reflected in the sales to listings ratio for Single homes at 14.1 percent which indicates a balanced market. Buyers of Single Homes now have more selection and less compe ...

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March 2018 sales down 29.7 percent from March 2017, prices continue to rise in most categories

April 11th, 2018
The stats are in for the first quarter of 2018 and sales are at their lowest since 2013. Factors that have contributed to this slowdown  include high prices, new tax measures and most importantly, rising interest rates combined with tougher mortgage qualification requirements and lack of new inventory. Although low inventory affects volume of sales it also contributes to the continued incre ...

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Overall Sales Dip Below Ten Year Average for February

March 13th, 2018
Last months’ overall sales were 14.4 percent below the ten year average. Detached (single houses) took the biggest hit with a 39.4 percent decrease over the same period. Attached sales (town homes) were down 6.8 percent but apartment sales continue to buck the recent trend by coming in at 5.5 percent above the ten year average. Rising interest rates and tighter lending policies have contribu ...

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Condos continue to lead demand in Metro Vancouver Home Sales in January

February 13th, 2018
Overall sales were 7.1 percent above the ten year average for January. Condo sales were up 31.6 percent and attached home sales were up 14.3 percent over the same period. Single homes in stark contrast to Condo and attached sales were down 24.8 percent from the ten year average. People upsizing from a condo or attached home will be able to demand top dollar for their current home while more ...

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