Hello Real Estate Interestee –
Have you been enjoying the beautiful Spring weather and capturing the cherry blossoms that we’ve been having?! I know I was able to take a few photos of these stunning trees. I have to say – we’re super fortunate to be able to enjoy them – to me, it’s a sign of Summer arriving very soon! Since we’re still on strict guidelines and no dine in – being able to be outdoors and enjoy the weather is one of the best things I look forward to. As for the market – things have definitely changed since the last report. In March, there has been a surge of demand and low supply as a result, there was numerous multi offer bids that made record history. You see detached were a huge hit and made it’s way from the Tricitites to the Vancouver market. However, this demand started to waiver and we saw less demand as we got into Mid-April till now. Possible reasons for this? 1. Buyer’s fatigue – buyers are feeling the stress and confidence in losing out on every offer the have – so they are waiting and taking their time 2. Interest rates have increased – so that have made some buyers to hold back from purchasing at the moment 3. Eligibility / Tax Season – Many applicants are looking to get a mortgage approval may have been using their 2019 income to apply. However, due to the pandemic their 2020 income have changed their eligibility so it may impact on how much they can afford since personal taxes need to be filed in Apr. So these factors may be a contributing factor of why the homes are more balanced and less aggressive in competition compared to March.
Some updates:
Another 697 cases of COVID-19 have been recorded in British Columbia, along with one death.
Of the new cases, 142 were in the Vancouver Coastal Health region, 456 were in the Fraser Health region, 19 were in Island Health, 65 were in Interior Health, and 14 were in Northern Health.
More than 1.9 million doses of COVID-19 vaccine have been administered in B.C., 92,244 of which are second doses.
Earlier Tuesday, officials in the Fraser Health region said all licensed child-care workers, school-based staff, police and RCMP along with fire departments in the health region who have not yet received their COVID-19 vaccine can book their immunization appointments starting Wednesday.
Tam said the decline in national cases has slowed, with an average of 7,900 cases reported daily, but the number of people experiencing critical or severe illness remains high.
Tam says more than 1,450 people are being treated in intensive care units every day and an average of 47 deaths are being reported daily.
Stay safe and healthy!!!
– Sam