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Ben's Thoughts

As we enter June, let's take a quick peek back at some interesting statistics that have been developing over the past few months. As of the end of May, the number of active listings have increased by 4000, up to over 17,000, when compared to March of this year. We have also seen the average price fall almost 4% to $666,500 after the March high of $693,500. This drop is a little bit deceiving though, as new home and condo prices have actually increased over the past few months while re-sale homes have taken the brunt of the decrease. Overall sales activity in the market continues to be strong with May showing almost 3000 sales, just off the 3146 in March.

What does it all mean? A rising level of inventory with continuing demand from buyers is leading into what promises to be a much more balanced market over the summer months. For the time being, it appears as though mortgage rates will not be climbing as quickly as some feared, which should come as a relief for those buyers looking to purchase over the next few months. I would also expect to see a slow down in the new home market, along with some decreases prices in that category, as HST hits in July.

May Market Statistics

may_market_stats.xlsx
 
East2nd_130_g

Fabulous live/work corner loft of the coveted Mainspace building. With stunning 13' ceilings, bright corner windows and a spacious open floor plan, this home offers oodles of potential. The newly renovated kitchen with large island and astriking bathroom complete with chic tile work and granite counters add a distinctly modern flare. Huge storage space with separate area create functional space within this home. In-suite laundry and underground parking included. GST paid. Don't miss this unique and wonderful home.
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W6th_g

Just steps from all that Kitsilano have to offer. This lovely townhome sits on a peaceful tree lined street. Great separation of bedrooms is perfect for sharing the space. The first bedroom & bath is on the first floor. Up one flight is the main living areas with lots of windows and light plus a huge deck. The master suite on the top floor is spacious with vaulted ceilings. This home is tasteful and shows very well.
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