company logo
  • Home
  • Sam's Story
  • Google Reviews
  • Search MLS
  • Commissions
  • Blog
  • Links
  • Contact
  • Properties
    • Active Listings
    • Sales
banner image

< back to article list

Vancouver Real Estate Report - July 2013

Sam Wyatt Personal Real Estate Corporation | July 15th, 2013

The big news in the last couple of weeks has been the sudden rise in fixed mortgage rates.  So far the effect has not been felt.  In June, Months of Inventory (MOI) rose to 6.37 months for Vancouver detached homes.  It also slightly rose to 4.84 for attached homes and fell to 4.79 for apartments.

The MOI this past spring stayed close to the so called "balanced" market spectrum between 5 and 8 months of inventory.  The trends in both sales volumes and active listing volumes suggest that we will see the MOI rise during the later half of this year.

Sales volumes were good this spring but certainly nothing like those of 2007, 2009, 2010 or 2011.  The Canada Day long weekend definitely felt like the end of the spring market; it was the first weekend since February that I have been able to get some weekend time with my family!
Five year fixed term rates went from the lowest typical discounted rate of 2.79% up to 3.19% and most folks are getting rates of 3.39%!  Especially for large mortgages ($1m+), this change, though small, will ultimately have a chilling effect on the market.  The sense of volatility that it creates may move more people into the 10 year rates which can still be had at 3.99%.  The result is higher costs of ownership.  I continue to anticipate lower sales volumes going forward for 2013. 

Unlike sales volumes, active listings often don't peak until late summer or fall.  The low points for active listing volumes have been moving progressively higher since the credit crisis in 2008 and it seems unlikely that we will see a dramatic reversal in this trend.   

Pricing through June was stable for detached homes and attached homes.  MOI numbers rose in June but stayed close to the balanced market spectrum in which prices are generally stable.   

The MOI is reminiscent of last year's buoyant spring market which was followed by a very slow rest of the year and falling prices.  In spite of good volumes of sales in June, I would caution against thinking that prices might start upward in earnest.  Falling prices is the trend and I expect it to continue - particularly on detached homes.

SELLERS:  DO NOT HESITATE TO CALL ME FOR A PROPERTY EVALUATION.  Time has run out on the spring market.

BUYERS:  Active listing volumes have stayed high and if you have and interest rate held, it is a nice time to be shopping for a home.  BE SURE TO TALK TO YOUR MORTGAGE BROKER TO HOLD A RATE AS VOLATILITY SHOULD BE EXPECTED MOVING FORWARD.  Please call me if you would like a referal to a good broker.

Remember that Months of Inventory (MOI) is a measure derived from the number of active listings during a given month divided by the number of sales that month. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure for the ensuing six months, 5-8 months of inventory meant a flat market with respect to pricing and over 8 months of inventory has, for the most part, precipitated downward price pressure.

Do not hesitate to call me if you have any questions and please pass this and my contact information along to any friends or family who might benefit from my services.

By Sam Wyatt VancouverRealtor

THIS ENTRY WAS POSTED ON July 15th, 2013 BY Sam Wyatt Personal Real Estate Corporation | POSTED IN Vancouver Real Estate Statistics
  • Email
  • Tweet
  • facebook share

Categories

  • Assignments
  • General
  • Listings
  • Mountaineering Trip Reports
  • Tax
  • Vancouver Real Estate Statistics

Archives

  • December 2020
  • November 2020
  • October 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • October 2015
  • September 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • April 2009
  • March 2009
  • January 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • July 2008
  • May 2008
  • April 2008
  • March 2008
  • February 2008
  • January 2008
  • December 2007
  • October 2007
  • September 2007
  • May 2007
  • April 2007
  • March 2007
  • January 2007
  • December 2006
  • November 2006
  • September 2006
  • August 2006
  • July 2006
  • June 2006
  • August 2005

ATOM RSS RSS 2
Stilhavn Real estate footer logo



Inquiries

  • Sam Wyatt
  • 36 East 5th Avenue,
  • Vancouver,
  • BC,
  • V5T 1G8,
  • CA
  • 604-722-3734
  • 604-988-1239
  • sam@samwyatt.com

FortBlanc by Ubertor © 2018 All Rights Reserved.

  • Sitemap
  • Privacy Policy
  • Real Estate websites for Agents