Thanks for checking out my monthly real estate update for South Delta and the Real Estate Board of Greater Vancouver (REBGV).
Here is a link to the complete set of charts and graphs – it may be useful to refer to them as you read through this piece!
Sales for January were historically low: “Last month’s sales were 42.9 per cent below the 10-year January sales average.”
Across the REBGV there were only 296 detached sales, the lowest since 2009 (292 – remember the stock market ‘crash’?)
However there were only 1044 new detached listings last month – the lowest January at least since 2007 from my records!
As a result of this demand/supply dynamic detached prices ‘softened rather than plunged’.
Attached and apartment prices actually showed increases last month – again low demand but even lower supply.
What does this mean moving forward?
- I think we have yet to see the presence of those who need, rather than want, to sell.
- Once the higher interest rates truly begin to show their effect I believe we will see an uptick in the level of ‘sincere’ listings.
I am here to arm you with the best information and give my professional advice so you can make the best decisions to help yourself move forward!
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