‘On the cusp of a buyers’ market’: Metro Vancouver home sales down as listings surge
Recent interest rates by the Bank of Canada have not managed to coax more buyers in Metro Vancouver off the sidelines. The Vancouver-area real estate market is moving closer to buyer-friendly territory as inventories surged in September but sales stayed stubbornly sluggish, said realtor groups. Recent interest rate cuts by the Bank of Canada haven’t managed to coax more buyers off the sidelines, said Andrew Lis, director of economics and data analytics for Greater Vancouver Realtors. “Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” he said. The association, which covers most of Metro Vancouver as well as Whistler, Squamish and the Sunshine Coast, released its September data on Wednesday, which shows sales tracking lower than expected, with just 1,852 transactions recorded on MLS, a 3.8 per cent decrease compared with September 2023. “Sales continue trending roughly 25 per cent below the 10-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now,” said Lis. As buyers adopt a wait-and-see attitude, more sellers have been putting their properties on the market, driving a 31 per cent year-over-year growth on listings, about 25 per cent above the 10-year seasonal average. The typical price for a residential home for the region in September was $1,179,700 — down 1.4 per cent compared with August and a decrease of 1.8 per cent compared with the previous September. The benchmark price for a detached home was $2,022,200, a 1.3 per cent dip from the previous month. Prices for townhouses and condos were also down, at $1,099,200 and $762,000, respectively. “This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market,” said Lis. With two more potential rate reductions this year, however, “it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.” It’s similarly quiet in the Fraser Valley, which is reporting its highest inventory in a decade. The inventory glut and declining sales have helped create balanced, and in some cases, buyers’ market conditions in the area, said the Fraser Valley Real Estate Board, which represents realtors in Abbotsford, Langley, Surrey, White Rock and North Delta. September sales slumped by eight per cent compared with August and by more than 10 per cent compared with September 2023, with 982 transactions. “The current conditions should favor buyers, particularly in the detached market,” said Jeff Chadha, chairman of the Fraser Valley Real Estate Board. He predicts that buyers are waiting for prices to budge and “until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.” The benchmark price for a home in the Fraser Valley is $978,800. The typical price of a single-family home decreased by 1.5 per cent to $1,501,100. Townhouse prices went down by 1.4 per cent to $834,400, while condo prices remained mostly stagnant at $545,000. https://vancouversun.com/business/real-estate/buyers-market-bc-vancouver-home-sales-down-listings-surge
🏙️ Real Estate Photography in Metro Vancouver: Capturing the Essence of Urban Living 🏙️
Welcome to the vibrant world of Metro Vancouver, where the stunning blend of urban sophistication and natural beauty makes it a real estate haven. Whether you’re a seasoned realtor or a homeowner looking to sell, high-quality real estate photography is a game-changer in this competitive market. Let’s dive into the significance of real estate photography and how it can elevate your listings in Metro Vancouver. The Importance of Real Estate Photography First Impressions Matter: In the digital age, potential buyers often make their first impressions based on online listings. High-quality photographs can make your property stand out and create an emotional connection with viewers. Showcasing Unique Features: From panoramic city views to charming heritage homes, professional photography highlights the unique features that make each property special. Whether it’s a modern condo in Yaletown or a picturesque house in Kitsilano, stunning images capture the essence of the property. Increased Engagement: Listings with high-quality photos receive more views and generate more interest. This increased engagement can lead to faster sales and higher offers, giving your property a competitive edge. Capturing the Beauty of Metro Vancouver Urban Sophistication: The cityscape of Metro Vancouver, with its towering skyscrapers and bustling streets, offers a dynamic backdrop for real estate photography. Capturing the sleek lines of modern architecture and the vibrant energy of city life can attract urban dwellers and investors. Natural Landscapes: Metro Vancouver is renowned for its breathtaking natural surroundings. From the North Shore mountains to the serene waters of English Bay, incorporating these natural elements into real estate photos can make listings irresistible. Advanced Techniques in Real Estate Photography Drone Photography: Aerial shots provide a unique perspective, showcasing the property and its surroundings. Whether highlighting a home’s proximity to parks or capturing the beauty of nearby landscapes, drone photography adds a wow factor to listings. 3D Virtual Tours: Allow potential buyers to explore properties from the comfort of their homes. 3D virtual tours provide an interactive experience, enabling viewers to navigate through rooms and get a feel for the space. Twilight Photography: Capturing properties during the golden hours of dusk and dawn can create a magical ambiance. Twilight photography showcases the warmth and charm of a property, highlighting its appeal during different times of the day. Choosing the Right Real Estate Photographer Experience and Portfolio: Look for photographers with a proven track record and a diverse portfolio. Experience in real estate photography ensures they understand the nuances of capturing properties effectively. Technological Expertise: A photographer skilled in advanced techniques like drone photography and 3D virtual tours can provide a comprehensive visual package that enhances your listings. Professional Editing: Post-production is crucial in real estate photography. Professional editing ensures that the final images are polished, vibrant, and ready to impress potential buyers. Investing in professional real estate photography can make a significant difference in how your property is perceived in the market. In Metro Vancouver, where the competition is fierce, high-quality visuals are essential to make your listings shine. Ready to capture the essence of urban living and natural beauty? Let your properties stand out with stunning real estate photography. #RealEstatePhotography #MetroVancouver #DronePhotography #3DVirtualTours #UrbanLiving #PropertyMarketing 🏙️ Real Estate Photography in Metro Vancouver: Capturing the Essence of Urban Living 🏙️ Welcome to the vibrant world of Metro Vancouver, where the stunning blend of urban sophistication and natural beauty makes it a real estate haven. Whether you’re a seasoned realtor or a homeowner looking to sell, high-quality real estate photography is a game-changer in this competitive market. Let’s dive into the significance of real estate photography and how it can elevate your listings in Metro Vancouver. The Importance of Real Estate Photography First Impressions Matter: In the digital age, potential buyers often make their first impressions based on online listings. High-quality photographs can make your property stand out and create an emotional connection with viewers. Showcasing Unique Features: From panoramic city views to charming heritage homes, professional photography highlights the unique features that make each property special. Whether it’s a modern condo in Yaletown or a picturesque house in Kitsilano, stunning images capture the essence of the property. Increased Engagement: Listings with high-quality photos receive more views and generate more interest. This increased engagement can lead to faster sales and higher offers, giving your property a competitive edge. Capturing the Beauty of Metro Vancouver Urban Sophistication: The cityscape of Metro Vancouver, with its towering skyscrapers and bustling streets, offers a dynamic backdrop for real estate photography. Capturing the sleek lines of modern architecture and the vibrant energy of city life can attract urban dwellers and investors. Natural Landscapes: Metro Vancouver is renowned for its breathtaking natural surroundings. From the North Shore mountains to the serene waters of English Bay, incorporating these natural elements into real estate photos can make listings irresistible. Advanced Techniques in Real Estate Photography Drone Photography: Aerial shots provide a unique perspective, showcasing the property and its surroundings. Whether highlighting a home’s proximity to parks or capturing the beauty of nearby landscapes, drone photography adds a wow factor to listings. 3D Virtual Tours: Allow potential buyers to explore properties from the comfort of their homes. 3D virtual tours provide an interactive experience, enabling viewers to navigate through rooms and get a feel for the space. Twilight Photography: Capturing properties during the golden hours of dusk and dawn can create a magical ambiance. Twilight photography showcases the warmth and charm of a property, highlighting its appeal during different times of the day. #RealEstatePhotography #MetroVancouver #DronePhotography #3DVirtualTours #UrbanLiving #PropertyMarketing