Hello WeLoveEastVan.com! Ca you believe it’s June? We’re nearing the end of the typical “Spring Season” for real estate, but if this year is anything like the last few years, I expect the interest to continue through the summer, though long weekends are always a bit slower.
I’m sure everyone’s been reading in the news that the market is changing. I’ve been watching this market from the front lines, and I can tell you that’s not a statement that applies to every price point and every neighbourhood. The detached/luxury market is down (which isn’t a surprise – the most expensive market is always the most volatile) and the downtown market is slow right now, but I’m still seeing multiple offers on some properties, and lots of interested Buyers around. Overall it feels like a balanced market, which is good for everyone.
Some of the biggest and best deals I’ve seen were when the Sellers had already bought their next home before selling their current home, and we’re surprised and nervous when their current home didn’t sell right away, forcing them to drop their price in order to avoid a situation where they have to carry two properties.
Prices aren’t going up at the same rate as they were the last few years, and “subject” offers are becoming more and more common, making it easier for Buyers to make the jump. I’ve seen units drop their price when they were overpriced – Buyers are being a bit more picky than they were before so Sellers have to work a bit harder to make their property appealing.
Interest rates are surprisingly low right now but are expected to increase again in July, so it might get a little tougher to afford a good property in a few months time. Talk to a mortgage broker sooner rather than later so you know what you can afford now, and how a rise in interest rates will affect you later. The big question is whether or not prices will drop, but I don’t think we’ll see any big drops for most of the market. The lower end of the market is still too busy, and I’m seeing a lot of Sellers take their property off the market rather than drop their price significantly. Sellers have to remember that even if the market isn’t as strong as it was last year, if you’re buying in the same market you can negotiate more on the purchase too.
The HPI Price was $1,543,000 for detached houses, $925,800 for townhouses and $575,800 for condos, which is in line from last month for each market. The HPI price for detached houses has been steady since July 2017, whereas condos and townhouses have bee increasing ever so slowly. To find out a little more about what’s happening in each market, check out my updates:
As always, if you want more information about the markets you’re looking to buy or sell out of, just let me know. I love chatting real estate so give me a call (778-387-7371), or shoot me an email: [email protected].