The Metro Vancouver* housing market saw steady home sales & listing activity in May. A shift back from the record-breaking activity seen in the earlier spring months.
Last month’s sales were 27.7 per cent above the 10-year May sales average
“While home sales & listing activity remained above our long-term averages in May. Conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring. Home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5 per cent increase compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).
Reducing the maximum borrowing amounts
“With sales easing down from record peaks. A revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent. And the average five-year fixed mortgage rate climbing back over two per cent since the beginning of 2021. We’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period. While home prices often experience upward pressure when it surpasses 20 per cent over several months.
“The seller’s market conditions experienced throughout much of the pandemic, highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs. Understanding demographic changes, and expediting the building approval process.”
Call Geoff at 604 313 7280 to discuss the sales & listings in your neighbourhood! Or for Geoff’s sales & listings Click Here.
Is is time to move? You may have caught yourself thinking this recently. With the current situation that we are all living in, our priorities have shifted. How we use our space has also shifted. Maybe you are working from home, kids are being schooled at home, decrease in income, or, you just need more space for yourself! Here is what you need to consider.
Best Financial Decision
Increase Income
Real estate is an investment that generally goes up. If you have more disposable income, consider investing in your own home. Upsize, move to a more desirable neighbour, or closer to amenities that you enjoy.
Decreased Income
If you have taken a cut to your disposable income, consider downsizing. It is not comfortable living budgeted to your last nickel. Would moving somewhere small, further away from work and your favourite coffee shop help your budget. If yes, consider it!
Space no longer fits your needs
In general we go through changes in our lives that require more or less room in our homes. Having children, suddenly working from home, kids being home schooled. Or, the children have moved out, you have chosen to live on your own no longer giving classes from home. The space doesn’t fit.
Really take into consideration what it is that you need in a home. A home office, extra room for guests, big back yard or some where that you have less maintenance. It may be time to move.
Ready for a change
Feeling suffocated in the city or too far way from everything in the country? Always wanted to have a backyard for the dog and children to play. Getting your hands dirty by renovating a home for yourself? What is it that you are looking to change. Hone in on that. Really get to know what you are looking for any why. After considering everything, you may look at living in a different city!
Different commute
Now you work from home, or your job is now a 2 hour commute in the other direction. Is this the ideal neighbourhood that you want to live in? Would it be beneficial to move closer to work? Consider, travel time, fuel and versus family time and mortgage payment.
Thinking about it (a lot)
You have been thinking about it a lot. Maybe looking online at homes or looking at interior design. You just want a change.
Talk to friends and family. Narrow down what type of property, amenities, location, what can you afford? After this process then talk to a mortgage broker and a Realtor.
A Realtor that knows the area you are looking in is important! Geoff know subareas of Burnaby extremely well.
compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).
