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Egg Bomb
Highlights From the Real Estate Board November 2022
While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.
“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.
“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”
Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.
Sales of apartment homes reached 847 in November 2022, a 53.7 per cent decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s November statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s November Package. Click Here
Food for Thought on Real Estate – November 2022
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19%
December 2022 Newsletter Introduction
Christmas has arrived! Have you gotten all your gift shopping done already, and all your events planned out? Over the years for me, the idea of gift shopping has been less exciting, to the point where I don’t even want to purchase anything since the gifts may be of something they don’t like. After the two years of Covid, I have been very slow in planning and getting into the spirit of Christmas. I’m still contemplating if I want to make gifts or just don’t bother all together. SORRY for sounding like a Debbie Downer. I enjoy the aesthetics of the season, but to me I rather just use this season to spend time with family and friends that means the most to me, and just not spend any money if possible. Since many people are tight on their finances, if I can save here and there, then it would be the ideal Christmas for me. Nay or yay?
In my last newsletter about the market, my insights are relativity the same. The government has just announced this month’s interest rise and we’re still waiting on the one in late January. As a result, there is a potential that there would be large influx of sellers needing to sell in early Spring as they may not be able to keep up with their mortgage payments / possibility of a large amount of foreclosures which some buyers may want to wait to take advantage of this opportunity to purchase a home at a better price. There has been some activity of investors taking a chance to purchase with aims of purchasing pre-sale as a way to park their money. As for rates, The government may stop increasing the rates after January or may continue till Spring. Once rates have stabilized, a possibility of demand may arise as new buyers have the confidence to start looking again. If that is the case, it may be best to look now even if inventory is low.
– Sam
November 2022 Newsletter Introduction
How well prepared are you for this Fall/Winter? I felt that we completely skipped Fall and went straight into Winter! The extreme weather conditions have left me unprepared for the flurry of snow instead of the expected heavy rain that usually is associated November. I had purposely bought a rain jacket to prepare myself for the heavy downpour. I haven’t even gotten a chance to break it in and now I’m in my heavy winter puffer jacket!! The drastic temperature have also impacted the health sector as well. We have seen a uptick of emergency admittance due to the storage of many over counter drugs for ie. Children Tylenol and cold medication. With no access to those medication, many families with young children with high fevers have to head to the hospital in hope to be given some. The strain of flus / colds is more prominent for this season, so make sure to implement the proper social distancing and hygienic etiquettes.
The trend of the real estate market is still on track of being stable with not much activities being made as many buyers are holding out to see when the rates will stop raising. We still have two more rate announcements to be expected. How will this impact the market in the next few months? There is a potential that there would be large influx of sellers needing to sell in early Spring as they may not be able to keep up with their mortgage payments / possibility of a large amount of foreclosures which some buyers may want to wait to take advantage of this opportunity to purchase a home at a better price. Prices will remain on a steady decline which would be closer to the price of early February /March of 2022 with a slight chance of further reduction in price.
– Sam

Machi Machi

Tendon Kohaku – Brentwood
Highlights From the Real Estate Board October 2022
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options. With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900. This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.
Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for a detached home is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.
Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021. The benchmark price of an apartment home is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s October statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s October Package. Click Here
Food for Thought on Real Estate – October 2022
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19%