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Buyers still motivated | Market Update

(May 06, 2016, posted in Market Updates)



While continuing to set records, the Vancouver market still favours sellers. I am beginning to wonder if that’s the new status quo.

The lack of inventory in the rental market is driving prices up there too. And, even though it may be somewhat more expensive to buy a home than last year, buyers are still looking at the numbers and the inconvenience of renting and favouring home ownership.

For sellers, finding a great offer for your home has been commonplace in 2016. In fact, the benchmark price for a single family home has gone up by 30.1% from April 2015 and condos and townhomes are up 20.6% and 22.1% respectively for the same month last year. (REBGV 2016)

For buyers, the task of finding the right home proves tougher, for sure. If you can believe it, in April of 2015 there were 12, 436 listings on MLS® and for April 2016 we could see just 7,550 total listings. That’s a whopping 39.3 percent decline in overall listings. (REBGV 2016)

Match those stats up with the increase in sales from April 2015, which was “41.7 percent above the 10 year sales average” and you have a truly unique market.

Dan Morrison of the REBGV notes, “…it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.” (REBGV 2016)

I am happy to share my key strategies for buying or selling, just give me a shout at 1(604) 694 – 1010 or email me at katie@katieburkard.com