Get $10,000 and Stay Up-to-Date with Real Estate Stats
Looking for an easy way to earn $10,000? Look no further! In this episode, we will share how you can earn this sum by introducing us to a client that buys or sells before July 1st, 2023. This offer is not a joke – we will pay $10,000 from the net commission and hope to break our records in 2023. Let our success be your success!
During this promotion, you can earn 20% of our retained earnings or 25% if you are an existing client with whom we have already completed a transaction. So, spread the word and let’s make this a win-win situation.
Now, let’s move on to the latest mortgage rates. The Bank of Canada has finally stopped raising the overnight lending rate, which started 12 months ago and went from 0.25% to 4.50%. Please don’t confuse this with fixed rates, which started dropping in December. The prime rate currently sits at 6.70% for 99% of lenders, while TD bank charges 6.85% today. Mortgage rates will likely remain stable for a short period before dropping as we slide into a recession.
In terms of sales stats, the Metro Vancouver detached sales were down 49% in February 2023 vs. February 2022. However, this is an improvement over the sales decline of 52% from January 2023 vs. January 2022. The condo sales were down 50% in February 2023 vs. February 2022, also an improvement over the condo sales decline of 56% from January 2023 vs. January 2022. The townhouse sales were down 36% in February 2023 vs. February 2022, which is a huge improvement over the sales decline of 58% from January 2023 vs. January 2022. Although slightly up, last month’s sales were 33% below the 10-year February sales average.
Which Metro Vancouver areas were hit the hardest in the past 12 months? For detached homes, Pitt Meadows came in at #1 with a benchmark price decline of 26.2%, followed by Tsawwassen at 21.2% and Maple Ridge at 20.3%. However, Port Moody was barely touched and only declined 4.4%. For Metro Vancouver condos, Pitt Meadows again came in at #1 with a benchmark price decline of 8.8%, followed by the Sunshine Coast at 7.5% and Maple Ridge again at 7.4%. Interestingly, Ladner is up 7.4%. For Metro Vancouver townhomes, Maple Ridge is at #1 with a benchmark price decline of 17.6%, followed by Pitt Meadows at 13.7% and Vancouver West at 12%. However, Burnaby North is up 1.4%.
Let’s address the pink elephant in the room – inventory. It’s unlikely to return to normal numbers anytime soon. However, below-average home sales allow inventory to inch upward, which is a good thing. February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region has continued inching upwards. Yes, sales are down, but so is inventory, which keeps property prices up.
If you’re trying to chase the bottom of the market, you’ve likely already missed it. As a friendly reminder about the $10,000 promotion, you just need to introduce us to your friend, family member, colleague, or even someone on social media.
Cheers, Jessi
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