‘Pocket-y’, if we can coin a word. Overall, the range of activity across all areas and home types goes from balanced up to (still) extremely hot. The biggest story is the continued divergence of the house market (dramatically cooling in most areas) from the condo and townhouse markets (almost all areas still very hot). While there’s much rhetoric out there about the market cooling, we find that there’s not nearly enough frame of reference being provided. For example, if the sales ratio in a given segment drops from 75% to 50%, yes, that is a 33% decline: however, when anything higher than about a 22% ratio is a “seller’s market” and when that segment hadn’t ever really seen a sales ratio higher than 45% until 2016… as dramatic as ‘THIRTY-THREE PERCENT DROP IN ACTIVITY!!” may sound… it’s just click-bait!
Our feeling is that high-end houses remain very unpredictable, with mid-range market houses, particularly on the eastside and in North Vancouver/Burnaby, having perhaps ‘bottomed out’. In the tri-cities and Richmond, demand for houses has slowed but remains strong and steady… there hasn’t been much of a ‘correction’ as has been, or is still being seen, in North Vancouver and on the east side. Condos downtown are screaming hot, with typical 1 bedrooms in relatively modern highrises now regularly selling for well over $1,000/sf. In all areas, low-to-mid market condos and townhomes remain quite hot, with solid fundamentals indicating that there’s little chance of a correction in sight.
That all being said, there’s rarely been a time when conditions vary so much from area-to-area and between different product types. Interpreting what current conditions mean for YOU is what we’re all about, so if the above information leaves you needing further specific input relating to YOUR current needs…. please, reach out!