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Highlights From the Real Estate Board, March 2020
“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.
“In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.”
“Realtors were named among the province’s list of essential services last week,” Smith said. “This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies.”
Sales of detached homes in March 2020 reached 852, a 61.1 per cent increase from the 529 detached sales recorded in March 2019. The benchmark price for detached properties is $1,450,700. This represents a 0.7 per cent increase from March 2019, and a 1.2 per cent increase compared to February 2020.
Sales of apartment homes reached 1,179 in March 2020, a 35.1 per cent increase compared to the 873 sales in March 2019. The benchmark price of an apartment property is $687,000. This represents a 2.9 per cent increase from March 2019, and a 1.4 per cent increase compared to February 2020.
“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 March statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s March Statistics Package. Click Here
Food for Thought on Real Estate – March 2020
- 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%.
- 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%
April 2020 Newsletter Introduction
Hello Real Estate Interestee –
I hope you’re doing well and safe and practice social distancing and staying at home. My message that I want to relay is fairly much the same as last month due to the fact that we’re all fighting a pandemic which has never happen before. At the moment – every single part of our lives is completely impacted and the current real estate market is on a standstill as well. The idea of purchasing and selling a home would be less of a priority as more people are watching/listening closely on how we’re all battling this at the front lines. The government for Canada Emergency Response Benefit (CERB) has had it’s 3rd day open for citizens to apply. If you need more information on who can qualify you can click on the link: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html for more information. Continue to Stay safe and healthy during this April month!
– Sam
Singapore Hawker
Trattoria Nakamura-Ya
Highlights From the Real Estate Board, February 2020
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace. This was most pronounced in the condominium market.”
“Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices,” says Smith.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,020,600. This represents a 0.3 per cent increase over February 2019 and a 2.7 per cent increase over the past six months.
Sales of detached homes in February 2020 reached 685, a 52.9 per cent increase from the 448 detached sales recorded in February 2019. The benchmark price for a detached home is $1,433,900. This represents a 0.7 per cent decrease from February 2019 and a 1.9 per cent increase over the past six months.
Sales of apartment homes reached 1,061 in February 2020, a 39.8 per cent increase compared to the 759 sales in February 2019. The benchmark price of an apartment property is $677,200. This represents a 0.9 per cent increase from February 2019 and a 3.6 per cent increase over the past six 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 February statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s February Statistics Package. Click Here
March 2020 Newsletter Introduction
Hello Real Estate Interestee –
It’s MARCH SPRING TIME – with it comes with Spring Cleaning and Hayfevers…I hope you’re doing well among the economic downward pressure due to the growing concerns around the evolving COVID-19 (“coronavirus”); which cause a significant impact from local citizens that is worried about their health and safety to the international finances and policies around the world. Like many of us, we’re following the lead of the Canadian public heath authorities to take appropriate measures to stay safe. Whether this virus will impact the real estate market, it would be hard to determine but at the moment due to the virus, purchasing and selling a home would be less of a priority as more people are watching/listening closely on how this virus will progress and how it will affect our nation as a whole. The government has sprung into action by providing $1 billion economic package to help fight against the virus, and with the Bank of Canada’s bank rates overnight rate reduced to 0.75 percent- their lowest rates to date would hopefully help spur our economy and our real estate market along side the reduced stress test level as well. Stay safe and healthy during this March month!
– Sam
Food for Thought on Real Estate – February 2020
- 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%.
- 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%