This is one of the most commonly questions we get as real estate agents.
My answer is — It depends.
It depends on where you live and if you are buying or selling, etc.
According to the Real Estate Board of Greater Vancouver the sales-to-active-listings ratio is 19.7% in Greater Vancouver last month, the highest since June 2011.
What this means is a balanced market where there are healthy activities from both home buyers and sellers. According to Ray Harris, REBGV president “People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away.”
On the real estate price front, “Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Harris said.
This is the statistics for all of Great Vancouver. But if we break it down to Vancouver, Burnaby and Richmond, and the different property types we can see quite a different picture.
In Vancouver, the Single Family Housing market is active. There are healthy supply of homes and good numbers of buyers purchasing these homes.
In Burnaby, Townhomes are popular among buyers.
In Richmond, we saw a lot of condominiums listed for sale but only 8% of the available condos were sold in the past 30 days and indicates a “buyer’s market” in Richmond.
As real estate agents, our job is to study home prices everyday so we can better answer your question about “how’s the real estate market?”
Please feel free to contact Jordan 604-773-6036 or Jenny 604-818-7317 for your specific real estate questions!