The Vancouver Real Estate market hasn’t seen a noticeable Summer slow down and neither have we! We’re moving into the fourth month in row with an absorption rate (sales-to-active listings ratio) sitting at or above 15%, which is known to be a balanced market. Favouring neither Sellers nor Buyers, we are seeing well priced listings from Sellers, and reasonable Buyers. Amidst a slight correction in price, sales and interest have been strong in the last month or two. If you’re still looking for a home – don’t fret, though there will be fewer listings than you’ll typically see in the Spring, there will also be less Buyers to compete with.
The mortgage market has seen some changes as well. Interest rates have been climbing so we highly encourage you speak with your mortgage broker (we have a great one – Chris Harley with TMG) to secure a rate hold (meaning you have about 90 days to buy a home financed with that interest rate). It will be interesting to see if this keeps the real estate market busy through what is typically the slowest time of the year. Check out our Mortgage Calculator to get a head start on figuring out what you can afford.
To take a look at what happened last month, see our posts about:
We’ve got a few new listings coming up in the next week or two, with many more Buyer’s tours scheduled. With the number of days on market creeping towards 60 days, patience is a virtue for Sellers and Buyers. Send us an email if you’re interested in jumping into the Summer market.