Sales 🔽 : 5.2% decrease compared from October 2020, and an 11% decrease from September 2021. Last month’s sales were 22.4% above the 10-year August sales average.
Inventories🔽 : 35.3% decrease compared to October 2020 (12416) and a 13% decrease compared to September 2021 (9236).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,199,400. This represents a 14.7% increase over October 2020 and 1.1% increase compared to September 2021.
My comments:
With the housing price going higher and higher, a lot of people wonder ” Is it possible to time the Vancouver real estate market?” It has been my 10th year working in the Real Estate industry, unfortunately we are not fortune tellers to predict when market is going to crash or soar. However, we can use the stats and ours experience to foresee immediate market changes. All in all Vancouver market is going up long term but no one can time it like a crystal ball. We are able to tell macro market changes like which area is undervalued.
Some clients asked “if I sell high, I am also buying high and what’s the point?” True and not true, in a general upward market, the trend is like that. However, buying in different area/type of properties also are important factors. Jump transaction (selling and buying) is one of our expertise. Not everything is selling over asking even in a crazy market. Detached properties and attached properties (townhomes/condos) rarely both go up at the same rate. Properties in different areas don’t go up all at the same rate as well. For example, client A is planning to upsize from a 2 bedroom condo to a townhouse. Condo prices in her area has been steady but with the lack of inventory I believe the price will catch up fairly quickly and price of townhouse in the area they are looking for has been quite steady. We can afford to delay the sale a bit in order to maximize her profit and buy after. For investors, we recommend selling when the property has gone up quite a bit and buy in an undervalued area. Long in short, we cannot time the market but we are able to identify sweet spots in the market to help our clients maximize the profit.
