Hi this is Sandra Solomon with Sutton 1st West Realty
It's time for Metro Vancouver real estate April market update
How high did property price go in March?
BC government is amending the Property Law Act to add cooling off period in coming summer
I am going to talk about how would the regulations affect Metro Vancouver's property price
but let's take a look at the data first
Sales in March was 4344, 26.9% higher than last month
Total listing was 7628, 13.1% higher than last month
Benchmark price was $1.361M, 3.6% higher than last month
M.O.I was 1.8 month, a very low number, indicates that now is a definite seller's market
and price will continue to increase
For sales comparison, 1291 detached homes, 27.8% higher than last month
743 townhouses, 32.7% higher than last month
2310 apartments, 24.6% higher than last month
For active listings, 3330 detached homes, 15.2% higher than last month
1013 townhomes, 16.3% higher than last month
3285 apartments, 10.2% higher than last month
Sales to active listing ratio was 56.9%
For different property types
Detached home 38.8%, townhouse 73.3%, apartment 70.3%
data indicates that townhomes and apartments are selling really fast
Almost every listing is sold
and for detached homes, one sold in every three listings
For benchmark price, here are the detailed data for different property types
Benchmark price for detached home was $2,118,600, 3.6% higher than last month
Benchmark price for townhome was $1,138,300, 4.4% higher than last month
Apartment was $835,500, 3.4% higher than last month
Price for all property types in Metro Vancouver increased
After looking at the data, we know that the total sales in March 2022 was 4344
Although it was lower than the 5708 sales in March 2021
March 22’s sales were 25.5% above the 10-year March sales average.
indicating that the market is really hot
BCFSA is amending the Property Law Act in coming summer
It is adding Home Buyer Protection Period
a cooling off period
a report with details will be released later, but they have mentioned a few points
The regulations is to protect buyer
where they can back out after contract signing
The report will include the length of the period
Financial penalties for buyers who rescind an offer
and regional variations in the legislation to address the differences between local housing markets
BCFSA will release a report with more information in the coming weeks
and implemented the regulations in coming summer
How will the regulation affect Metro Vancouver real estate market?
Some buyer would wait to learn about the Act before purchasing a property
Some would not care about it as much
and get into the market first while the interest rate is still low so to reduce payment burden. The interest rate will soon be raised.
So this is depends on buyer's mentality. I don't think the regulation will greatly affect the housing price
As we are having huge demand over supply
Therefore I don't think the regulation will affect the price too much
On the contrary, friends who would like to upsize or downsize their property have to pay more attention to the measures
whether to sell first or to buy first
This is what you have to consider
There are many demand in the market for upsizing or downsizing
Therefore I will keep holding seminars
to assist you in purchasing an extra property, its procedure and strategy
If you have any question regarding Metro Vancouver real estate, feel free to contact me
OR ues the QR code and link in comment section, fill in your information and I will get back to you
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see you soon, bye