All is not lost, though the real estate in the Vancouver Area is down. If you are on the market for a house you want to do your research. Research about housing type and location and then act wisely. In the month of June alone there were over 4,000 properties sold in the Lower Mainland area. This represents a gentle decline month-over-month since March.
If you are a buyer in this market be prepared to look long and hard to find a bargain and may have to put in a little more effort. Sellers may have to put in some more effort in some segments of the market. There were a lot of excellent sales numbers in the height of the pandemic, with many people deciding their living space was a priority.
Real Estate in Summer of 2021
It’s summer now and this is usually slower for real estate. With some people just getting the chance to enjoy themselves they may not even be considering buying/selling. This can further slow down market activity.
The truth is that the market is still undersupplied and there aren’t a lot of apartments and townhomes under $1 million. We are seeing a rise in active listings even though it is a small increase. Because it is so small though, we don’t think this will put too much of a dent into the prices. There are some properties that are getting multiple offers and we are expecting it to be this way for some time.
In mid April to mid May listings of detached homes increased approximately 13%. Then in mid-May to mid-June there was a mere 2% increase. Townhouses and condos had similar numbers with an 8% increase in mid April to mid May and then only showed a 5% increase to mid-June. These are just the overview numbers, then we have to also consider the regional distortions.
The Best Strategy for Buyers This Summer
Even though there are fewer listings there is also less competition for available properties. So you want to check your market. You also should talk with your real estate agent about what is happening in the specific area you are looking in. And for the type of housing you are interested in. You want to ensure that the prices you are seeing are reflecting market value and are not simply set to entice multiple offers. Remember, in all things that well priced houses are not staying on the market.
While quarantine restrictions are lifting open houses are still not a thing yet. You will still be having one-on-one viewings and virtual viewings. We can even anticipate more evolutions in the market come September. We hope the opening of borders will cause a rise in demand, which will be good for both buyers and sellers alike.