Another month has come and gone–and that means it’s time for a market update! This month was a strong month for sales in real estate. The market speed was listed as 41% making it a seller’s market, however, the market speed is down slightly from the previous month. The Greater Vancouver Real Estate Board states that:
“High prices, increasing interest rates and new mortgage rules are all expected to reduce housing demand in 2018.”
With that in mind, let’s take a look at the stats for this month.
Total listings: 2,579 (down from 2,882 the previous year)
Total Sales: 1065 (up 847 from previous year)
Sale Price: 17% increase from the previous year
So what does this mean moving forward? Homes are still selling at an above average rate and at an above average price. This is the perfect time to list your home because the full effect of the mortgage guideline changes have not taken full effect.
Are you or someone you know thinking of selling? Give me a call today: 1.604.720.5353 or email@example.com