Hey folks! Sorry for the delay in posting this update. I was away on vacation but I’m back now with the latest real estate stats for Vancouver and the surrounding metro area.
I’ve been following the local property market for years. As a retired engineer and former realtor, I find the recent trends fascinating. Here’s what I’ve noticed in February:
Inventory is piling up. This could mean good deals for buyers. Don’t be afraid to make lower offers and keep your contingencies.
The price per square foot seems to be dropping again after a brief surge due to interest rate cuts.
Market indicators suggest we’re firmly in a buyer’s market now.
The presale and assignment sale market is struggling. I saw several new developments where owners are willing to take 15-20% losses.
Some developers are selling off or foreclosing on properties. This is unusual for Vancouver and could lead to interesting changes.
Keep an eye on Days on Market and Months of Inventory ratios. They’re key indicators of market direction.
What are your thoughts on the current real estate situation in Vancouver? Are you seeing similar trends in your area?
Interesting observations! I’m curious about the impact on different property types. Are condos and detached homes equally affected? And what about specific neighborhoods - any areas bucking the trend? It’d be fascinating to see how this plays out long-term for Vancouver’s housing affordability.
yo, i’m in the vancouver area too and i’ve noticed similar stuff. prices are def dropping in some spots, especially for condos. saw a few listings where the seller was practically begging for offers. might be a good time to buy if you’ve got the cash. but be careful, market’s kinda unpredictable rn
As a local real estate investor, I’ve been closely monitoring the Vancouver market. Your observations align with what I’m seeing on the ground. The inventory buildup is particularly noticeable in certain suburbs, where I’ve spotted some great deals lately.
One trend I’ve noticed is the divergence between different property types. While detached homes are holding their value better, especially in desirable neighborhoods, condos are experiencing more significant price drops. This could be due to changing work-from-home preferences.
The developer foreclosures you mentioned are indeed rare for Vancouver. I’ve heard whispers about a few major projects potentially facing similar issues. This could lead to some prime properties hitting the market at discounted rates in the coming months.
For those looking to buy, it’s crucial to do thorough due diligence and not rush into decisions, even with the tempting deals out there. The market’s volatility means we could see further changes as the year progresses.