BOOM! Sales are UP 30% in Metro Vancouver - October '24 - REAL ESTATE REVIEW
Also, is your city HOT or NOT? You ask, I will tell. I have LOTS of stats available.
Keeping you Updated with Greater Vancouver Real Estate Activity
My goal is to be your #1 resource for ANYTHING real estate. As a homeowner you deserve to know what is happening in today's market. We are seeing a catapult of change in our residential real estate market since spring '22. Tactical decision making is necessary and data will help navigate it. I HAVE LOTS OF DATA!
CUSTOM NEIGHBOURHOOD STATS
I am able to give more context to the stats for your neighbourhood. Reply to this email with your civic address and I can provide a micro-neighbourhood report for you.
Customized with the following; style - condos, townhouses, single family, homes with suites, condos with pools, rentals allowed, pets allowed, etc) AS REQUESTED by my readership.
CURRENT EVENT! Rates have dropped 4x. Big Changes have happened.
Metro Vancouver
October '24 - Here's what happened
The not so Short, yet Easy summary
BOOM! 4 interest rate reductions… and now … sales volume has returned
After 4 interest rate reductions, the sales volume has returned to Metro Vancouver across all asset types; condo, townhouses, detached. Sales launch to 20+% over the 10-year average, in which the previous 1-year + we have seen sales volumes fluctuate between 50-30% below that 10-year average. A BIG change in our real estate world.
INVENTORY. Matching this demand growth, home inventory for sale has increase by 26% over the 10-year average. This creates balance and an equilibrium that market pricing will continue as we have seen; moderate to small price reductions. However, month-to-month tells a much different story as new listings are down; 20%, 9%, 6% over the 3 asset categories compared to September.
Sales-to-Active ratio reveal that condos and townhouses are on the verge of a Sellers market, whereas detached continue on the verge of a Buyer’s market.
Compared to 1-year ago (October ’23)
SFH Detached – sales up 25.5%. Prices flat. Townhouse – sales up 40.7%. Prices flat. Condo – sales up 33.4%. Prices flat.
In the last 6 months – Home Price Index (all assets):
Tsawwassen has seen a 7.1% reduction
North Vancouver 4.8% reduction
Vancouver West 3.5% reduction
Bowen Island was the ONLY jurisdiction that saw an increase (3.0%)
"If you own a condo/townhouse/SFH detached - just ask – I can give the performance of your asset and city over the last 3 month, 6 month, and 1-year"
The most aggressive sale improvements in Metro Vancouver (last 90 days ‘24 vs 2023)
Port Coquitlam townhouse sales up 34%
East Vancouver townhouse sales up 50%
Sunshine Coast detached sales up 46.6%
New Westminster townhouse sales up 36.8%
The POOREST sales performers in Metro Vancouver (last 90 days ’24 vs 2023)
Richmond condos down 23%
Port Coquitlam detached down 27.1%
Port Moody detached down 24.4%
What does rate reduction mean for potential Buyers/Owners and their new mortgages?
Best options for borrowers:
A longer-term, fixed-rate mortgage (5yrs) are now more appealing to purchasers. However, with expectations of continued lower rates, variable mortgages are now a more realistic option. This will give some flexibility to benefit from rate changes, while securing one of the lowest rates available that we have seen for a couple of years.
The BC Government in an unprecedented move, has activated nearly ALL single family homes (SFH) to be developed. This is MASSIVE from a real estate perspective. I have analyzed Metro Vancouver cities to see which cities can be the most profitable for redevelopment. Hint: Instead of a property value of $1.97M, a particular homeowner can build and sell with a gain/profit of $3.2M extra = $5.2M. Ask me how. WATCH THIS VIDEO!
Now that you have decided you want to get involved in a real estate sale in 2025, what do you do first?
If you are planning to sell... get started ASAP. Have a clear understanding of your financing positioning and options to be ready to pounce when opportunity presents itself.
Chicken or the egg? Do I sell my home 1st or find my next home 1st?
This can be the most complicated process in residential real estate, and the most stressful. Start your searches for that perfect next home now! Call SHAUN ;) to prepare for an immediate listing when you find your perfect next home. Listing before buying is ideal, however, if you cannot find your next home, nobody wins when a homeowner becomes homeless. More inventory is coming!
If you are thinking of Selling in 2025, reach out to me, and lets talk about TECHNOLOGY, INVENTORY and TIMING!
$1,000 Discount on Listing Commission
I am very happy to work with a sensational Non-Profit helping 1,000's in Greater Vancouver. Welcome to ... you win, they win, we all win!
Thinking of Selling? Promote your property for FREE
Click here to Submit your property details and it will be promoted on shauntcarson.ca and socials for Free. We can discuss the opportunity to incorporate your property into my promotion system.
eXp Realty also has a platform to promote your property within our brokerage of 68,000+ worldwide and 900+ in the Lower Mainland. Let's discuss
Current 5-Year Fixed Mortgage Rate
< 4% insured From Chad Eliason - Quantus Mortgage Solutions. One of the most aggressive mortgage brokerage rates you can find.
If your city is not included, simply Reply to this email. If you would like to see more specific stats to your neighbourhood, street, building Reply to this email with your request.
Metro Vancouver - Get ready to compete! Detached sales to listing ratios are a balanced market. Townhouses and condos are in a Seller's market.
Fraser Valley - In the last 2yrs: Detached housing has seen a 21.5% decrease in prices, Townhouses 13.8% decrease, Condos 10.5% decrease in prices.
If you are thinking of selling in 2024, reach out to me, and lets talk about COMPETITION, INVENTORY and TIMING!
Thanks to Past Clients!
With 14+ years and 230+ completed transactions, you will feel my confidence in executing your real estate transaction together. My goal is to have all clients prepared and operate in a calm, stress-free environment.
How much is my home worth ?!?
The most influential factor in the value of your home ... your neighbours and local real estate activity. Keep an Eye on the market and what is for sale in the neighbourhood with automated emails when a home within 1km is put on the market. Click Here and I will setup a profile and email sequence so you are the 1st to KNOW what is happening in your neighbourhood.
Featured Real Estate - Trade Services
Over the years I have compiled a LARGE DATABASE of support services for my clients. Each month I will feature a reliable and proven company or person.
Home Inspection
9 years Robin Holmes has been an absolute all star for me and my clients. Clear communication, concise options for any repairs. Robin used to be a home builder, and you can tell! Click for more info
HOT vs NOT - Top & weakest performing markets/asset classes.
CALL TO FIND OUT IF YOUR NEIGHBOURHOOD IS HOT or NOT!
eXp Realty, 701 W. Georgia St, Vancouver, BC, Canada, 236.888.8898
