The change has come at two of the most expensive apartments in Metro Vancouver. West Side of Vancouver and West Vancouver are now a consumer market. Changes in the market conditions of single-family homes in these areas were noted in the June 2022 issue of the monthly rennie review.
Rennie is a large real estate company, which always comes up with market reports and analysis. On June 6, Straight reported that the housing market in the suburbs of Greater Vancouver’s real estate is now statistically accurate. The Real Estate Board reported that the average sales of single-family homes in May 2022 changed to 18.3 percent. To put it bluntly, the market is balanced when the sales-to-list ratio is between 12 percent and 20 percent. Retailers and buyers are in the same area if the ratio stays in that range.
It is a trader market where the rate exceeds 20 percent, which means prices often go up. Become a consumer market where the rate is below 12 percent, which often leads to lower prices. However, Rennie reported that the sales rate for Vancouver’s detached homes in West Side in May 2022 dropped to 11 percent. Rennie also reported that sales of single-family homes in this part of the city decreased month by month in May by 14 percent, and by 32 percent in May 2021. Price in mid-May was $ 3.6 million, down 4 percent from April and 0.6 percent over the same month last year.
Based on a market report for a real estate board in Greater Vancouver, the average price of a house confined to the West Side of Vancouver in May 2022 was $ 3,490,600. Across West Vancouver, rennie has reported that the rate of residential properties closed in May is 10 percent, reflecting the consumer market. Also, sales decreased monthly by 20 percent, and were 28 percent below May 2021. The average price of homes detained in West Vancouver in May was $ 3.3 million, up 3 percent from April and 6 percent in May last year. The Greater Vancouver real estate board reported that the fixed price of single-family homes in the North Shore municipality in May was $ 3,475,600.
The June 2022 rennie review plan noted that the rate of sale of listed housing in the combined markets of Greater Vancouver and Fraser Valley in May 2022 was 16 percent. This means that the market conditions for single-family homes in all these areas are now limited. It may be recalled that Straight reported on May 11 about the edition in that month of rennie’s review. The letter suggested that the whole real estate market could find itself in a precarious position in the summer. “Maybe — just maybe — we will find ourselves with moderate market conditions during the summer,” says Rennie.
In its June 2022 edition, rennie’s review suggested that what happens in a divided home market may extend to other segments of the market: townhomes and condos. Rennie said, “If the market situation — of commodity growth and erroneous sales — reached 2022 continues as we move from June (or, June) to summer, do not be surprised if the equilibrium conditions currently set to define a segregated segment are highly contagious.”
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