Snap Stats September Edition

Housing has become a valued asset in an investment portfolio. Greater Vancouver has become viewed as a hotspot for global investors. This month, statistics explain why adding real estate to your portfolio just might be the way to go.

The market speed for the Fraser Valley is 36%  which officially makes it a seller’s market. This is due to a number of factors, but let’s start with sales. Total sales last month were 1464 which is 26% greater year over year and 14%  last month over month.

Next up, sale price.  The median sale price was $682,000 which is a 15% increase over this time last year and a 1 percent increase over the previous month.

Finally,  active listings. There were 4060 active listings last month which is a 9% decrease over this time last year and a 5% increase month over month. A property was on the market for 16 days before selling which is no change from one year ago and 23%  more than the previous month.

If you would like to see what the market stats for you specific area are, or would like to talk about listing your home please do not hesitate to contact us.

Don’t forget to visit our website too and check out our top tips for buying or selling a home…remember, at Young Real Estate Group we get you more!

 

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What’s just Happened in Real Estate?

If you look at any major news site at least one of the headlines will be about Real Estate. With the Bank of Canada’s rate hike 2 weeks ago, along with low inventory, and fast-moving sales, real estate today can be confusing for the typical consumer. To make things easier on you, we’ve examined 3 trends and market changes that have created the current state of real estate.

 

  1. Bank of Canada Rate Hike.

On September 6, the Bank of Canada quietly raised its interest rate another 0.25%. This brought the rate up from 0.75% to 1%. Why did this happen? With Canada’s record year of economic growth, a higher interest rate is needed to cool the economy and ensure that inflation doesn’t get out of hand.  This can also have implications on mortgages. The lending rate of variable mortgages is tied to the Bank of Canada’s prime lending rate and it can impact the amount of homeowner’s payments. For more about interest rates and how they affect you click HERE.

 

  1. Continued Low Inventory

According to my Snap-Stats, in August the total number of listings was down from last year. The total listed homes came in at 3,884 this year, compared to 4,174 in 2016. This is an ongoing trend in The Fraser Valley and Metro Vancouver detached home market. As fewer homes become available, pricing continues to push upward. This is great for sellers but creates the perfect storm for buyers looking to get into the market.

 

  1. A Shift to Townhomes and Condos

August Sales numbers were pushed above average levels due to a demand for condos and townhomes. Last month, 3,043 residential properties sold, marking a 22.3% increase compared to 2,489 sales in August of the previous year, and a 2.8% increase over this July. When compared to the August sales average from the last decade, 2017 sales were 19.6% above average. This surge in sales in Metro Vancouver is being led by first time homebuyers looking to buy property listed between $350k – $750k.  With demand rising, developers are working to keep building, and many new developments are planned for 2018.

 

The Metro Vancouver and Fraser Valley real estate markets continue to change. Each day new statistics show that we are currently in one of the best markets for sellers, and also one of the most difficult for 1st time homebuyers. However, to the buyers – do not get discouraged! At Young Real Estate Group, we are committed to helping you find the right home in your budget – no matter what it takes. For those thinking to sell, don’t hesitate. Now is one of the best times in Real Estate to place a “For Sale” sign in your yard.

To learn what your home is worth, or to buy a home, please contact us. We happy to serve you whether you’re selling or buying. Call us at 604-533-3491 or email by clicking here.

July Market Update

July’s market update is live! As we head into the dog-days of summer, real estate is still going strong in the Fraser Valley. We are still in a Seller’s Market, with a 43% home selling rate.

There were a total of 4087 active listings in July. This is up from the previous year slightly. There were 1744 sales made in July, which was on par with last year’s sales at this time as well.

One of the most interesting, and still a concern for many first time and buyers in general, was the rise in sale price of 15% from last year. The main issue that is driving prices up continuously is the lack of inventory. Despite a record setting month in construction, there is still a high demand and low supply.

If you would like to see your snap-stats report for your area, get in touch with us and we will set you up!

The 3 Reasons the Fraser Valley is a Seller’s Market

At 63% MarketSpeed™ (sales-to-active listing ratio) we are officially in a seller’s market. But the question is: Why?

  1. Sales: 25% less than the previous year, and with an average list price of $623,000 giving us a 5% increase compared to this time last year, and a 2% increase month over month.
  2. Active Listings: Active listings totaled 3169  which is a 15% decrease year over year, but a 5% increase month over month
  3. Days on the Market: Homes were on the market for an average of 10 days in April, which is an 11% increase from last year, and 23% less than the previous month.

All of these factors play into producing a Seller’s Market in the Fraser Valley. If you are interested in learning about the stats in your area please contact us and we will be happy to send you a report!

 

4 Reasons to Buy in 2016

4-reasons-to-buyThe new year will be here before you know it! But there is still time to find your dream home in 2016—and there are 4 reasons why you SHOULD buy before we hit 2017!

 

  1. Harder for First Time Home Buyers Increased Government Intervention: With each passing month there seems to be more regulations and interest rate volatility.  From the changes on October 17th, to the new one’s coming into effect as of November 30th  buyers are seeing a significant impact on their spending ability.
  1. A Market Rebound will make Buying More Expensive The Real Estate market slowed in Vancouver for the month of October-which is good news for First Time Home Buyers. However, there is the potential of a market rebound occurring, and prices going back up in the new year.
  1. Segments of our Market are Increasing: Two segments have been growing in the real estate market and will continue to do so in 2017.  These two segments are First Time Home Buyers and Baby Boomers looking to downsize. This increase in demand, coupled with a lack of supply, tends to bring higher prices.
  1. Healthy Inventory of Homes Taper Off in the Winter: The supply of homes for sale is usually fairly low in January and February, making November and December a good time to pick up a new home. Buyers like a higher selection of homes and a lower chance of a bidding war.

The new year and holidays will be here before you know it! Take advantage of the less government intervention, lower pricing, and good supply available right now. This fall and winter could be your time to find the perfect home.