Ken Stef

Market Report

Monthly Market Sales Report - (REBGV) 

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugene Klein, REBGV president said.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”

Housing Market Outlook (BC Region) - CMHC

• Housing starts are forecast to increase in 2012 following a period of stable home building in 2011
• Resale market conditions in BC will remain balanced
• Sales of existing homes are forecast to increase to 81,900 transactions in 2012 from a projected 77,200 in 2011
• The average MLS® price is forecast to be $564,900 in 2012, down 1 % from  2011

SnapStats® Westside Detached Report for April 2012

• Official Market type: Balanced market with average 15% sales ratio (14% is a Buyer's Market)
• Buyers are able to breathe a bit: April's inventory, Sales, Average Sale Price and Sale to List Price Ratio all lower than March
• Most active price band: $1.25 million to $1.75 million (4 in 10 selling); $2.25 to $2.5 million (1 in 4 selling)
• Buyer's best bet: Homes in Kerrisdale, South Granville & Shaughnessy valued $3 million and greater
• Seller's best bet: Homes to sell in Arbutus, Mount Pleasant and University (UBC)

In Summary

Inventories of homes for sale and the volume of sales being transacted reflect a normal market where neither the buyer nor the seller have the advantage on Vancouver's West Side with the exception of single family homes where it is marginally a Seller's market, whereas it reflects a buyer's market in the remaining areas of Metro Vancouver.

The volume of sales, the levels of inventories, and the average prices vary from area to area and by type of property in all of the separate areas of Metro Vancouver, so you must be very careful in how you apply the aggregate averages for the whole area to any particular region or property.

A word of caution with all the statistics that are available out there - including those from these reports: these at best indicate trends that are happening in the market. They do not tell you what your property is worth, or whether or not your home has increased or decreased in value. This can only be determined by having a detailed and accurate Comparative Market Anaysis done on your specific home that will compare your home to others that are very close to yours by property type, location, form of ownership, condition, timing, size, amenities, and other factors, and result in the calculation of the true market value of your property. 

Is this a good time to buy or sell?

That really depends on your own particular requirements and reasons to do so.  For some it is and for others it is not. I would be pleased to help you with your decision. Please contact me by calling and/or texting me at (778) 991-7814 or by email at ken@kenstef.com.