I will give you $10,000 and current real estate statistics

I will give you $10,000 and current real estate statistics

In this episode, we will cover the most straightforward way you can possibly earn $10,000, an update on mortgage rates and key real estate sales statistics you need to know. Yes, you heard that right. I am launching an end-of-winter promotion.  

Earn up to $10,000 for introducing me to a client that buys or sells before July 1st, 2023. No joke, I will pay $10,000 from the net commission. I have already had a record start to the year and want to crush my records in 2023. Let my success will be your success!

During this promotion, you can earn 20% of my retained earnings or even 25% if you are an existing client, with whom I have completed a transaction with.

Now, Breaking news regarding mortgage rates!

The BOC, aka the Bank of Canada, finally stopped raising the overnight lending rate. Not to be confused with fixed rates, those started dropping in December. Why is the media only covering negative news and nothing positive.

The Bank of Canada started raising the overnight lending rate 12 months ago and went from 0.25% to 4.50%. Not to be confused with the prime rate which is based on the overnight lending rate. The prime rate currently sits at 6.70% for 99% of lenders, for some reason TD Bank charges 6.85% today. Rates will likely hold here for a short period of time before dropping as we slide into the recession

Now let’s talk sales stats

  • Metro Vancouver detached sales were down 49% in Feb 2023 vs Feb 2022
  • This is surprisingly an improvement over the sales decline of 52% from Jan 2023 vs Jan 2022
  • Metro Vancouver condo sales were down 50% in Feb 2023 vs Feb 2022
  • Still, an improvement over the condo sales decline of 56% from Jan 2023 vs Jan 2022
  • Metro Vancouver townhouse sales were down 36% in Feb 2023 vs Feb 2022
  • Which is a huge improvement over the sales decline of 58% from Jan 2023 vs Jan 2022
  • Although slightly up, last month’s sales were 33% below the 10-year February sales average

What Metro Vancouver areas were hit the hardest in the past 12 months?

For detached homes…

  • Coming in at #1 Pitt Meadows with a benchmark price decline of 26.2%
  • #2 Tsawwassen, down 21.2% & #3 Maple Ridge, 20.3%
  • Interestingly enough, Port Moody was barely touched and only declined 4.4%

For Metro Vancouver condos…

  • Coming in at #1 Pitt Meadows again with a benchmark price decline of 8.8%
  • #2 Sunshine Coast, down 7.5% & #3 Maple Ridge, again, down 7.4%
  • Interestingly enough, Ladner is up 7.4%

For Metro Vancouver townhomes…

  • Coming in at #1 Maple Ridge with a benchmark price decline of 17.6%
  • #2 Pitt Meadows, down 13.7% & #3 Vancouver West, down 12%
  • Interestingly enough, Burnaby North is up 1.4%

Let’s talk about the pink elephant in the room, inventory. Is this ever going to get back to normal numbers? I do not see that happening any time soon. However, below-average home sales allow inventory to inch upward, this is a good thing. February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region has continued inching upwards. Yes, sales are down big time, but so is inventory which keeps property prices up.

I have been saying this for a while, it looks like the so-called bottom of the market was last summer for many real estate markets. 
Here is a list of areas and property types that, as of this recording, have been coming up since the “bottom” of the market last summer:

The moral of this story is if you are trying to chase the bottom of the market, you, more than likely, already missed it.

As a friendly reminder about the $10,000 promotion, you just need to introduce me to your friend, family member, colleague or random person you know on social media. Feel free even to promote this on your social media. If they complete before July 1st, I will pay you your earner introduction commission bonus.
Cheers, Jessi