June 2018 Market Update

Hey Vancouverites!

Supply for homes around Metro Vancouver have continue to increase in June 2018. The active homes for sale in the market have reached a 3-year high! Buyers today have been less active then they have been previously. Rising mortgage interest rates, new 2018 mortgage stress test and the rising cost of housing have all played a factor. 

Detached homes are entering a buyer's market - meaning that the supply (available properties for sale) has exceed the demand (buyers looking to purchase). If you or someone you know is in the market for a detached home, a buyer's market is an ideal time to make your move. Townhomes and apartments are on the decline as well but are still considered to be in a seller's market. 

The graph below shows the average sale prices in June 2018 of detached homes, townhomes, and apartments around Metro Vancouver. ​

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Source: Real Estate Board of Greater Vancouver
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For more detailed or location specific information, don't hesitate to send me an email and I'll get back to you!

For my recent blogs:
What is the first step in buying a home? 
Ban on Dual Agency, New Disclosure Requirements

For all your Real Estate needs,

Jerome Susi

Real Estate Agent
Team 3000 Realty Ltd. 
M: 604-500-5326
E: jerome.susi@gmail.com
www.jeromesusi.com
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