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Blog by Graham Kirby

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Rate Hikes Continue To Slow down Sales In The Metro Vancouver Housing Market

October 6th, 2022
Increasing mortgage rates over the last several months designed to bring down inflation have substantially increased the cost of borrowing for home buyers. As a result, home sales have slowed 46.4% in September 2022 compared with September 2021.   With home inventories increasing and sales slowing, prices have also been declining. The MLS Home Price Index shows an 8.5 % average decrease ove ...

Record Year Home Sales Metro Vancouver 2021

January 6th, 2022
Home sales reached an all-time high in 2021, with a 42 % increase over 2020 and a 73 % increase over 2019. Total sales totaled 43,999 which caps the previous record in 2015 of 42,326. The main drivers continue to be low interest rates, increased household savings and a desire for more living space, driven partly by the need to work from home due to the pandemic. Looking forward many experts ...

Supply of homes steadily declined over the summer

September 13th, 2021
Buyers remain active in Metro Vancouver but supply is not keeping up with demand as listings have been declining since June. Home sales are up 3.4 % compared with August 2020 but down 5.2 % from July of this year. Even with the lack of supply, last month’s sales were 20.4 % above the ten year average in what is traditionally a slower month. It appears that in this election year that politici ...

Vancouver Metro home sales the highest on record for September

October 2nd, 2020
Home sales in the region saw a 56.2% increase in September, compared with September 2019 and a 19.6% increase compared with August 2020.   The market has been very active thru the summer months and this can be attributed to several factors in my opinion. The main influencers are that the Covid 19 pandemic initially caused a stall in the early spring market due to legitimate concerns of both ...

Home sales and listings activity in June continued to trend upwards towards typical historical levels.

July 17th, 2020
Since the initial impact when the pandemic started here in BC, both home buyers and sellers have gradually been increasing activity each month. Home sales saw a 17.6 % increase from June 2019 and a 64.5 % increase from May 2020. To keep this in context, June sales were still 21.9% below the ten-year June average but the gap is closing each month.   Buyers have become more comfortable with t ...

Home sales and new listings down dramatically due to COVID-19 lock down.

May 7th, 2020
The current lock down has caused a dramatic drop in sales and new listings as expected. In April residential home sales in the region saw a 39.4 per cent decrease from April 2019, and a 56.1 per cent decrease from March 2020.  New guidelines and protocols have been put in place for physical viewings of properties that include wearing masks and gloves and minimizing the number of attendees at ...

Demand remains steady and low inventory helps home sellers

March 16th, 2020
Home buyer demand remained steady in February with relatively low inventories helping sellers.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region saw a 44.9 per cent increase from February 2019, and a 36.9 per cent increase from January 2020.   To keep these impressive numbers in context, sales were still 15.6 per cent below the 10-year ...

Home Sales for 2019 below ten year average but picked up dramatically in the second half

January 20th, 2020
The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019. Sales of detached, attached and apartment homes increased three per cent from 2018 but decreased 29.6 % from 2017. Last year’s sales total was 20.3 % below the region’s 10-year sales average. “Home buyer demand was quieter in the normally busy spring season and it picked up in t ...

Signs point to improving housing market in 2020

November 25th, 2019
Canada Mortgage and Housing Corporation (CMHC) recently published their fall, National and Provincial housing market report. Below is a statement from the report by Chief Economist, Bob Dugan on a National level. “Housing starts are projected to stabilize in 2020 and 2021 at levels in line with long-run averages. This follows two years of declines from elevated levels in 2017. Resale activit ...

Metro Vancouver housing market sees sales increase for July and August this year compared with the same months last year.

September 16th, 2019
For the first time this year we saw both July and August home sales activity outperform the activity from the same months last year..   The increase this August compared with August last year was a 15.7 % but sales were still 9.2 % below the ten year average.    In other words, home sales have returned to more normal levels over the summer months.   The boost in sales activity means tha ...

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