The buyer confidence and activity are increasing in British Columbia despite ongoing challenges with short supply and rising prices in the real estate market.
The increase in sales activity in Metro Vancouver in April, as reported by MLA Canada’s Brittany Reimer, suggests that there is still strong demand for properties in the region. This may be due, in part, to pent-up demand from buyers who have been waiting for the right time to enter the market.
Brendon Ogmundson’s characterization of the current market as “really strange” is perhaps indicative of the unique factors at play in the current market. It’s noteworthy that sales are increasing without any economic drivers, such as a decrease in interest rates. This further supports the idea that pent-up demand may be driving the current market activity.
Overall, the real estate market can be influenced by a variety of factors, and it’s important for buyers and sellers alike to stay informed and work with trusted professionals in navigating the market.
MLA Canada is a real estate agency in Canada that provides a range of services related to the development, marketing, and sale of new residential properties. The company has offices in Vancouver, Calgary, Edmonton, and Toronto, and works with developers to bring new residential projects to market.
It’s interesting to hear that the recovery in the real estate market in Metro Vancouver is happening earlier than initially predicted, despite the ongoing challenges and uncertainty in the broader economy.
As Brendon Ogmundson noted, sales activity is still below normal levels despite the recent increases. However, the fact that sales have already surpassed 2,700 in April, according to the Real Estate Board of Greater Vancouver (REBGV), suggests that there is still significant demand in the market.
It will be important to continue monitoring the real estate market in Metro Vancouver and how it evolves over time. While there are many factors that can influence the market, such as supply and demand, interest rates, and government policies, it’s likely that pent-up demand and other unique factors are driving the current activity. Ultimately, it will be up to buyers and sellers to navigate the market and make informed decisions based on their individual circumstances and goals.
The Real Estate Board of Greater Vancouver (REBGV) is a non-profit organization that represents real estate agents and brokerages in the Greater Vancouver area. The Board was established in 1919 and serves more than 14,000 members in the region.
The REBGV provides a range of services to its members, including access to multiple listing services (MLS) and other data and market analysis tools. The Board also sets standards for professional conduct and ethics, and provides education and training programs to help its members stay up-to-date on industry trends and regulations.
In addition to serving its members, the REBGV also plays an important role in providing information and resources to the general public. The Board regularly publishes market updates and statistics on the Greater Vancouver real estate market, as well as information on buying and selling real estate, and tips for home buyers and sellers.
The Real Estate Board of Greater Vancouver plays an important role in supporting the real estate industry in the region, promoting professionalism and ethical conduct among its members, and providing valuable resources and information to the public.
The benchmark price for all residential properties listed on MLS in Metro Vancouver is an important indicator of the overall health of the real estate market in the region. As noted by the Real Estate Board of Greater Vancouver (REBGV), the benchmark price for April 2023 was $1,170,700, which represents a decrease of 7.4 percent year-over-year but an increase of 2.3 percent compared to March 2023.
The increase in prices and continued elevated mortgage rates are likely to make affordability even more challenging, especially for first-time homebuyers, according to Brendon Ogmundson, chief economist at the B.C. Real Estate Association.
Brittany Reimer of MLA Canada noted that multiple offers, bidding wars, and increased attendance at showings are creating momentum among buyers, as they try not to miss out on properties they are interested in. This suggests that the demand for real estate in the Metro Vancouver area remains strong, despite ongoing supply challenges and affordability concerns.
According to Brittany Reimer, a partner and managing director at MLA Canada, the recent increase in sales activity in Metro Vancouver is a positive sign for the real estate market. She noted that this is a significant shift from what has been observed over the past two years. The April numbers were strong, and it is anticipated that the May figures will exceed those of April, which could potentially motivate more sellers to put their properties on the market.
However, the sheer lack of inventory continues to be one of the biggest challenges for buyers in the Metro Vancouver region. Reimer hopes that more sellers will be motivated to list their properties for sale, thereby increasing the supply of homes for prospective buyers.
Despite the recent increase in sales activity, Brendon Ogmundson, chief economist at the B.C. Real Estate Association, expects that sales will remain below normal levels in the coming months. While interest rates are less uncertain, there is still a great deal of uncertainty regarding the performance of the economy for the rest of the year. The consensus is that the region is likely to experience a recession, although it may be short-lived and mild.
According to a report by the Real Estate Board of Greater Vancouver (REBGV), home sales in the Vancouver region totaled 3,326 in August 2021, which represents a 3.4% increase from the same month in the previous year. The benchmark price for all residential properties listed on the Multiple Listing Service (MLS) in Metro Vancouver was $1,176,600, which is a 14.4% increase from August 2020.