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Highlights From the Real Estate Board June 2022

“Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”

“We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply,” John said. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”  
 
Sales of detached homes in June 2022 reached 653, a 48.3 per cent decrease from the 1,262 detached sales recorded in June 2021. The benchmark price for a detached home is $2,058,600. This represents a 13.4 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 1.8 per cent decrease over the past three months.

Sales of apartment homes reached 1,326 in June 2022, a 25.3 per cent decrease compared to the 1,774 sales in June 2021. The benchmark price of an apartment home is $766,300. This represents a 12.7 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 0.8 per cent decrease over the past three months.

“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 June statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s June Package. Click Here

Food for Thought on Real Estate – June 2022

 

  • Down Payment Planning: Examining RRSPs, TFSAs, and FHSAs

  • Credit Scores: What Are They and What Affects Them?

  • Real Estate Tips for Buyers from REALTORS®

  • 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%

July 2022 Newsletter Introduction

Summer is HERE! Classes are out, so let’s enjoy every ounce of the sunshine as possible this year. The weather has been very mild for the Summer in comparison to last years major heat wave. Most of us were left hiding in our home to avoid the heat; whereas it was a stark contrast to this year where many are scrambling to fly out of Vancouver to take advantage of the travelling abroad! 

So, what has changed in June? Supply and demand have been the same as before, with lower demand and less inventory that has accumulated over time resulted in few selection to choose from. There as some multiple offers here and there but isn’t as grossly over asking compared to early in the year. Rates will continue to rise to curb inflation which will get some possible influx of temporary increase in demand to capitalize the lower rate before rates go up again. Since rates are going up, this has dampened the number of transactions being made and since it’s Summer, many buyers and sellers are focusing on travelling and less on looking for homes.  As for prices, it would relatively have levelled with a slight decreased in certain type of homes and location. Overall, the prices that we saw in March/April is the new benchmark on how much the homes would be selling as we move forward. 

– Sam

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Sze Chuan Cuisine – Parker place food court

Dan dan noodles – Sze Chuan cuisine
Another food shop in Parker place was Sichuan Cuisine. I had ordered the dan dan noodles since I wanted something a little saucy but not soupy. One thing that is unique about Dan Dan noodles is the mix of chilli sauce combination with a hint of sweetness and savory from the sesame paste. It has to be just right to get the level. Some may prefer more spice or sesame or more sweetness to the dish. Personally for me, the nice little kick of spice and a subtle sweetness with deep creamy flavour the sesame is what I define a great dan dan noodle dish. This particular one from the stall was pretty good. It had the right flavor mixture that appealed to my taste. The minced meat mixed helped cling to the noodle and sauce very well. As for noodles itself – a generous amount but doesn’t appear to be handmade. Overall it’s a pretty delicious dish and I would order it again. 
@foodblogprec

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Highlights From the Real Estate Board May 2022

“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”

“Upward pressure on home prices has begun to ease in the housing market over the last two months,” John said. “Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.”
 
Sales of detached homes in May 2022 reached 793, a 44.1 per cent decrease from the 1,419 detached sales recorded in May 2021. The benchmark price for a detached home is $2,093,600. This represents a 15 per cent increase from May 2021 and a 0.4 per cent decrease compared to April 2022.

Sales of apartment homes reached 1,605 in May 2022, a 21.7 per cent decrease compared to the 2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021 and a 0.4 per cent increase compared to April 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 May statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s May Package. Click Here

Food for Thought on Real Estate – May 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%

June 2022 Newsletter Introduction

June has arrived! How quickly time have flown already, and Summer is right around the corner. May was such a busy month for me with tons of celebration that I needed a breather! However, there was no time for that since I just got stuck with COVID – which sucks. Fortunately, the symptoms aren’t so bad but it definitely puts my energy on the very low side. Regardless, still stay safe since there is a new disease called the Monkeypox to be careful of! As for travelling plans, I’m hoping to visit Toronto later in the year. What are your travel plans?

So, has anything has changed during the May month? As of now, not much as changed.  Transactions and activity has definitely slowed down across the board in the lower mainland. As you may already be aware, the next rate announcement from the Bank of Canada will be on July 13, 2022 to continue on curbing inflation. As the government had announced – “With the economy moving into excess demand and inflation persisting well above target, the Governing Council judges that interest rates will need to rise further” This will continue on impacting the real estate market due to the affordability and demand. 

– Sam

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Xinjiang cuisine – Parker place food court

Xinjiang cuisine  – Have not been to Parker Place food court for the longest time. It’s never a place that pops to my mind to eat for lunch. I know it’s a very popular spot if you’re craving for some old school Hong Kong Cafe meals. Since it’s been a while, I decided to check out any new places in the food court. One place that caught my attention was this Xinjiang cuisine which is completely different from the food that is available. Since I wasn’t too familiar with this type of cuisine besides it’s flavours originating from the Northern part of China with heavy aromatic spices that truly appeals to my taste palette. So I decided to order two savory filled flat bread of beef and lamb. They were the most popular order based on the line up I saw. The bread was piping hot and full of flavours. Every bite had a combo of spices, herbs which didn’t overpower the natural taste of the beef and lamb. The flat bread itself was nice and flaky which holds the filling exceptionally well. I definitely would order more but be aware that it’s priced at a premium. But it’s a nice treat to have if you’re in the area.
@foodblogprec

hangry_bunny

food - f

C coffee market

C coffee market  – I have seen quite a few reviews of this place so it pique my interest since their coffee was raved quite favorably. So I had decided on their oat milk flat white – it’s one of my go to drinks since I can’t tolerate caffeine as much as I used to. The taste was smooth and mild which helped cleanse the palette of the lemon shortcake that I had to order. Since they have their own in-house roastery to roast their beans the taste of the coffee is very fresh. As for the lemon shortcake – it was beautifully assembled. Very pleasing on the eyes and ig worthy. The overall taste was a little too sweet for my liking. It reminded me too much like lemon meringue filling. The sponge was nice and light and moist with a light syrup. However because of the sweetness from the sponge and the lemon filling it just made it too sweet for me. 

Overall – I like their coffee but I am indifferent about the cake. I am curious about their other items but not 100% sold whether I like the cafe or not. I still think there are others that are better.
@foodblogprec

hangry_bunny

Highlights From the Real Estate Board April 2022

“Over the last two months, we’ve seen home sales ease down from the record-breaking pace of the last year. While still a small sample size, the return to a more traditional pace of home sales that we’ve experienced so far this spring provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”

“With interest rates climbing and the total inventory of homes for sale inching higher each month, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation.” John said.
Home buyer demand in Metro Vancouver* returned to more historically typical levels in April. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to March 2022.

Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March 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 April statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s April Package. Click Here

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