As we move through one of the most challenging market conditions I’ve witnessed in my career, it’s clear that this market presents some of the best opportunities to others, in a long time.
Over the past month, supply levels have surged, contributing to an even stronger shift towards a buyer’s market. Vancouver saw an estimated 30% monthly surge (+33% y/y.) The Fraser Valley saw a 49% increase in new listings last month. With so much new supply, and sales remaining constant, the market is really starting to shift into Balanced-Buyer market territory.
Condos in particular are proving to be the most challenging to sell, compared to townhomes and detached. Looking at Willoughby condos, there are currently 217 for sale on the market, in the last 30 days, only 31 of those sold. That leaves us with 7 months of inventory, a Buyers market.
If you are selling – depending on the type of asset you have- it can take some time to have a successful sale. That said, depending on your situation, it can be a great opportunity to make a move right now, especially for upsizers. There are more savings on the larger purchase prices, time to shop around and overall less competition. Subject to sale offers are common, especially in the detached market category.
| Hot Opportunities for Buyers |
| Overall, the market is favouring buyers, and, what is interesting is that while there are so many good deals out there to be had, Buyer urgency is low. Buyers who purchased at the peak of the market, would have dreamed of market conditions like this. Competition is low, choice is plentiful, Buyers have time to make educated decisions, and negotiate a good price.Not to mention, rates continue to drop, with the most recent announcement made January, 29th. That brings us to six consecutive rate decreases, leaving the overnight rate at 3%.So, it comes as a bit of a question mark why more buyers are not writing offers and taking advantage of these conditions. Granted, there is a lot going on in the economy bringing uncertainty to the forefront. |
Sales Sluggish
| Sales are down and new listings continue to rise. The market is tipped toward buyers last month. Sales-to-new listings ratio fell below 40% for the first time since 2019 |
