Monthly Market Report October 2023
MONTHLY MARKET REPORT
Mortgage rates are now at the highest levels we’ve seen in Canada in over ten years!
SUTTON GROUP WEST COAST REALTY
Dear clients and fellow real estate enthusiasts! It’s time for our monthly market update. In this month’s report, we bring you insights into the state of the Metro Vancouver housing market for October, along with a historical perspective and advice to navigate the current conditions.
The Metro Vancouver housing market has long been a dynamic and sought-after landscape for both homebuyers and sellers. Over the years, we’ve witnessed its ebb and flow, with periods of high demand and soaring prices, as well as moments of adjustment and more balanced conditions.
In October, the housing market in Metro Vancouver displayed some noteworthy trends. The increase in newly listed properties is providing more choices for homebuyers. Properties are coming to the market at a rate approximately 5% above the ten-year seasonal average, indicating a renewed interest on the part of sellers to participate in the market this fall.
It’s important to highlight that while supply has increased, sales remain almost 30% below their ten-year seasonal average. This data suggests that demand may not be as robust as we might typically expect for this time of year.
With more supply in the form of resale inventory and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards a more balanced state. Notably, the multifamily segment of the market remains more active than the detached segment, likely due to changing buyer preferences and affordability constraints.
Stay Informed: Keep a close eye on the market trends and updates. The housing market can be highly dynamic, and staying informed will help you make well-informed decisions.
Adjust Expectations: If you are looking to sell your property, it’s essential to be realistic about your pricing expectations. Pricing competitively is crucial in the current market conditions.
Seek Professional Guidance: Engaging with a real estate professional can provide valuable insights and guidance tailored to your specific circumstances and goals.
Explore Multifamily Options: With the multifamily segment being more active, consider exploring different property types to find the best fit for your needs and budget.
Review Your Financing: Given the borrowing cost constraints, it’s prudent to review your financing options and consult with financial experts to secure the best rates available.
In conclusion, the Metro Vancouver housing market remains in a state of adjustment, with increased supply and somewhat weakened demand. While challenges persist, there are opportunities for those who are well-informed and strategic in their approach.
As always, our team is here to assist and guide you through these market conditions. If you have any questions or require personalized advice, please don’t hesitate to reach out. Your satisfaction is our top priority, and we are committed to helping you achieve your real estate goals.
The Bank of Canada has made the decision to maintain its policy rate at 5%. This decision reflects their commitment to providing a stable financial environment amidst a backdrop of uncertainty. The path toward achieving the bank’s 2% inflation target presents various challenges, and the bank continues to navigate through these challenges with a watchful eye.
Sellers have re-entered the market, leading to a rise in new listings. The CREA report indicates that the number of newly listed homes jumped by 6.3% on a month-over-month basis in September, marking a cumulative gain of approximately 35% from the 20-year low reached back in March. New listings are now trending closer to average levels.
This indicates a shift in the real estate market, with a more balanced dynamic between buyers and sellers.
It’s essential for both buyers and sellers to stay informed about these market changes and work with experienced real estate professionals to navigate these evolving conditions process. The bank aims to strike a balance between supporting economic growth and controlling inflation.
THIS WEEK’S
TOP STORIES
BC GOVERNMENT OVERRIDES CITIES TO ALLOW 6 HOMES ON SINGLE FAMILY LOTS
The Government of British Columbia is making sweeping changes to enable more low-rise, multi-family residential developments. It terms such building styles as “small-scale, multi-unit” buildings, such as townhomes, multiplexes, and laneway homes.
For lots currently zoned for single-family or duplex use, lots with an area size of smaller than 280 sq meters (3,014 sq ft) can achieve up to three units, while lots greater than 280 sq meters can achieve up to four units.
For lots larger than 280 sq meters located in close proximity to public transit stops with frequent service, up to six units may be permitted.
Langley Invisions LRT/Skytrain on 200 Street
To improve the 200 Street corridor’s conditions for sustaining a more superior form of rapid transit, earlier this year, the Township launched a planning process called “200 Street 2040” to densify corridor’s uses for more optimal transit-oriented development.
The planning area spans a five-km-long stretch of the north-south arterial spine of 200 Street from Willoughby Way (near Willowbrook Shopping Centre and the municipal border with the City of Langley) to just north of Highway 1. The corridor extends 800 meters from either side of the corridor.
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Thank you for your time today. I look forward to working with you.
MINDY MINHAS PERSONAL REAL ESTATE CORPORATION
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