April 2023 Market Statistics
Posted on May 05, 2023 in Statistics
The cork in the bottle of buyer demand here on the West Coast has finally popped. This can be seen by looking at the average sale price of all properties sold in April, which is 99.2% of the asking price. This means that that there are many properties that are selling for over their asking price. This might also imply that sellers have become more...
March 2023 Market Statistics
Posted on Apr 01, 2023 in Statistics
With the arrival of April showers, Spring has officially "sprung", and the world around us will quickly start to turn a lush green.
This time of year typically marks a significant uptick in activity within the real estate market. However, this year's potential homebuyers seem to be more tentative in their approach, even though the number of visitors...
February 2023 Market Statistics
Posted on Mar 01, 2023 in Statistics
Hope you all enjoyed the unexpectedly snowy February. We were thinking of taking the snow tires off already and then, Bam! another big snowfall. You would think that would have cooled the already cool real estate market but the opposite has become true. We are returning to the time when multiple offers are in the mix, unfortunately. Maybe our perce...
January 2023 Market Statistics
Posted on Feb 01, 2023 in Statistics
This past January market was one of the quietest so far. Yet, on the policy change front, there is much news. We are going to highlight some of the major events and changes.
BANK OF CANADA RATE HIKE
The Bank of Canada has raised its key rate by 0.25% to 4.50% which is the 8th consecutive rate hike. The BoC expects inflation to return to 2% by 2024 an...
December 2022 Market Statistics
Posted on Jan 01, 2023 in Statistics
Well, goodbye to 2022 and welcome 2023!
As we enter 2023, the housing market is generally experiencing depressed prices. However, it is expected that there will be an increased demand for condos due to the record levels of immigration in 2022, which is likely to continue. This increased demand is expected to drive up condo prices even as townhouses...
November 2022 Market Statistics
Posted on Dec 01, 2022 in Statistics
We hope that everyone survived the wind and snowstorms of the last few weeks. Reading about the incredible misadventures of commuters just trying to get home was pretty sobering. Spending over 12 hours in their car, potentially running out of gas, and fighting hunger and other basic needs was just one of the stories I heard of someone that had the...