Metro Vancouver Real Estate Market Insights: Stats Centre Reports - July 2024

Metro Vancouver Real Estate Market Insights: Your Comprehensive Real Estate Update with Jersey Li ☀️

It's always sunny with me ☀️ This is your trusted REALTOR®, Jersey Li 😄!

Welcome back to another edition of the Stats Centre Report, your go-to source for the latest insights into the ever-evolving Metro Vancouver Real Estate Market insights. Let's dive into the trends shaping the landscape this July 2024.

Jersey's Market Feedback

Sellers

We are seeing many more new listings flooding onto the market after the interest rate cut on June 5. This influx is providing buyers with a wider array of choices but is also leading to increased competition among sellers. If you’re planning to list your property, consider differentiating it with unique features or competitive pricing.

Buyers

Even though interest rates are relatively lower, buyers are still hesitant to write offers. This has caused many listings, especially condos/apartments, to sit on the market for longer periods without accepted offers. This hesitation could be due to the recent Airbnb ban and 2024 being a big year for presale buildings, resulting in a significant number of condos hitting the market at the same time.

Impact of Airbnb Ban

The Airbnb ban has notably shifted the dynamics of both the rental and sales markets. Properties that were previously lucrative short-term rentals are now being converted into long-term rentals or put up for sale. This policy change has increased the supply, particularly in the condo/apartment segment, making it a buyer's market but challenging for sellers.

Jersey's Market Prediction

For Buyers

The next two months, July and August, would be a great time to purchase. You will have a lot of choices and some bargaining power. With the current surplus of listings, you can negotiate better deals and possibly secure a property below the asking price.

For Sellers

Wait for the Second Interest Rate Drop: The market is likely to shift in your favour with the next rate cut. This could boost buyer confidence and reduce the inventory surplus.
Avoid Selling Tenanted Properties: After July 18, 2024, you will need to provide four months' notice (up from the previous two months) to evict a tenant unless you use a "mutual agreement to end a tenancy." This new regulation can complicate the sales process, so timing is crucial.

Sales Stats:

For an in-depth analysis of the complexities of the real estate market in Metro Vancouver, I recommend accessing the comprehensive Stats Centre Report by clicking here. This report contains a wealth of meticulously curated data-driven insights to empower you with the knowledge necessary to make informed decisions regarding real estate.

Key Highlights

Average Sales Price: The average sales price for single-family homes has increased modestly by 2% compared to last month.
Sales Volume: The overall sales volume has decreased by 5%, reflecting buyer hesitancy.
Days on Market: Properties are staying on the market for an average of 45 days, up from 30 days last month.

Rentals Stats

Rent has gone down. Again, this might be due to the recent Airbnb ban and the surge of presale buildings completed in 2024, flooding the market with new condos. This has provided renters with more options, contributing to the decline in rental prices.

The rental market report also presents a dynamic landscape of opportunities. Identifying underserved niches and harnessing technological innovations for property management and tenant screening is key to maximizing rental returns.

Key Highlights

Average Rent: The average rent for a two-bedroom apartment has decreased by 3% compared to last month.
Vacancy Rates: Vacancy rates have increased to 4%, up from 2.5% last month.
New Rental Listings: There has been a 15% increase in new rental listings, driven by former Airbnb properties entering the long-term rental market.

Personal Assistance

Your Real Estate Journey, Your Way 🤝

As we navigate through the dynamic real estate landscape of July 2024, it’s clear that both buyers and sellers need to be strategic and informed to make the most out of the current market conditions. Here are a few key takeaways to keep in mind:

Buyers: This is a favourable time to explore the market due to the surplus of listings and lower interest rates. Take advantage of the opportunity to find your dream home or investment property at a potentially lower price. Conduct thorough research, get pre-approved for a mortgage, and be prepared to act quickly when you find the right property.
Sellers: Patience and timing are crucial. Waiting for the anticipated second interest rate drop could work in your favour, increasing buyer activity and competition for your property. Ensure your property stands out by enhancing its curb appeal, staging it professionally, and pricing it competitively. Also, consider the new tenant eviction regulations if you sell a tenanted property.
Investors: With the changes in the rental market and the Airbnb ban, there are new opportunities to consider. The increase in long-term rental supply may allow for better tenant selection and potentially stable rental income. Monitor the evolving market trends to identify the best investment opportunities.

Whether you’re buying, selling, or renting, staying informed and prepared is key to success in the real estate market. I’m here to help you every step of the way with personalized advice and insights. Feel free to reach out with any questions or if you need personalized advice. Until next time, happy house hunting!

Stay tuned for more updates, and let's make your real estate dreams a reality 😄☀️!

Thank you for joining me on this journey,