Spring is here and it’s typically the busiest time in the Vancouver Real Estate market. Rising interest rates and new mortgage rules have somewhat reduced the number of home buyers. Even still, the supply of condos and townhomes can’t keep up with demand whereas the detached market is starting to go into Buyers’ Market territory.
A buyers’ market occurs when the sales to active ratio drops below about 14%, a sellers’ market is when the ratio is over 20% and a balanced market occurs when the ratio is between 14% and 20%.
The Sales to Active ratio for detached homes is currently 13%, townhomes are sitting at 37.6% and condos are at a whopping 59.7%
Have been thinking about moving up in the market from a townhome or condo? Now could be the perfect time!
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!