Buyers are waiting for prices to come down
Monthly real estate market report – Prices continue to drop as sales slow down across Greater Vancouver. In my primary market (Vancouver East Side and Vancouver West Side), inventory, number of sales, and average sales price have declined since May 2022. The slight increase in average price for condo/townhomes in Vancouver West Side is most likely due to the type of properties that were on the market in June, and I suspect we will see this average out over the next few months.
Price per square foot rose slightly in June for East Side houses, but this may be a reflection of the specific types of houses that were on the market. Like the slight increase in average price, I expect that this will also average out.
Inflation and interest rate hikes are making buyers cautious. Sales remain slow even as we transition from a seller’s to a buyer’s market. After several years of incredible pressure on buyers, they are now able to be patient, perform their due diligence, and negotiate from a position of relative strength provided that they can secure financing.
Should you sell your home in this market?
The answer depends on several factors.
- The current economic climate may be putting pressures on you that make it hard to maintain your home. Downsizing and moving to a condo or townhome can remove the burden of maintaining your own home. You may find it easier to budget for a monthly maintenance fee rather than be surprised by large repair bills for your current home.
- Your mortgage may be coming due and you can’t afford the new higher rates. Selling could free up the equity needed to buy a more affordable home with a smaller mortgage.
- Often, the choice to sell is as much about lifestyle as it is about sale price. Perhaps it’s time to free up some equity for a major life change such as retirement or a move to another part of the country or the world.
A seller who knows the value of their home and is patient can still get top market value for thier home, understanding that the overall market value of all homes is declining right now.
If you’ve been considering a move please give me a call at 604-800-3271. I can provide you with detailed statistics for every region of Greater Vancouver. Because I’ve make Vancouver the focus of my business I have in-depth understanding of neighbourhood markets and can help you make the best choice to achieve your real estate goals.
June 2022 Statistics
Vancouver West Side House
|Price per Sq.Ft||$1,195||$1,078|
|Days on market||12||18|
Vancouver West Side Condo/Townhome
|Price per Sq.Ft||$1,079||$1055|
|Days on market||9||9|
Vancouver East Side House
|Price per Sq.Ft||$806||$827|
|Days on market||9||10|
Vancouver East Side Condo/Townhome
|Price per Sq.Ft||$907||$884|
|Days on market||8||8|
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Photo by David McBee