April Market Update
I trust this finds you enjoying glimpses of warmer weather plus a dash of extra daylight! With long weekends and holidays on the horizon, there is much to look forward to. Whether it be a couple of extra meals shared with loved ones or simply some extra time to kick your feet up and relax, I hope you’re able to enjoy whatever fills your cup.
Fun fact – did you know that April is designated as the National Month of Hope? Merriam Webster defines hope as “a desire of some good, accompanied with at least a slight expectation of obtaining it, or a belief that it is obtainable.” Whether we find ourselves hopeful for a brighter tomorrow or simply a few more reasons to smile, April is a fun reminder to not only desire good things but to readily expect them. If you find yourself hoping for a good change in your home or your neighborhood, let’s work together to make that good obtainable!
A couple of April updates for you:
• The REBGV has confirmed there were 6,673 detached, attached and apartment properties newly listed for sale MLS® in Metro Vancouver in March 2022 – a 22% increase from February 2022. Daniel John, REBGV Chair notes that “this year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago.”
• Research suggests that downward pressure on home prices occurs when the sales-to-active-listings ratio dips below 12% for a sustained period. Upward pressure is experienced when the ratio surpasses 20% over several months. As a reference point, the sales-to-active listings ratio for March 2022 sits at 56.9% (38.8% for detached homes, 73.3% for townhomes, and 70.3% for apartments) suggesting that we are still seeing upward pressure on pricing across the region.
If you have any questions you’d like answered or just want to chat, I am always a phone call away! Have a wonderful April!