A Royal LePage report covered in the Vancouver Sun says buyers across Greater Vancouver have put big decisions on hold, and one managing broker put it plainly: in 2021 it felt like 50 buyers for every listing, and now there are “50 listings for every buyer.” He blamed the trade war and this fall’s elections, among other things.
That matches my phone. Plenty of people are calling to ask what’s going on. Far fewer are calling to say they found a place.
What the numbers say for Surrey
The Fraser Valley board, which covers Surrey, logged 922 sales in September, four per cent fewer than a year ago. There were 9,763 homes for sale, 31 per cent above the ten-year average for the month. Detached homes and condos were taking around 45 days to sell.
In Surrey Central the benchmark detached home is about $1,304,000, down 9 per cent from last September. A townhouse there is about $750,000, down roughly 4 per cent. North Surrey condos are under $400,000 on the benchmark. Those are real moves. They just happened slowly enough that nobody noticed month to month.
Waiting is a choice too
I’m not going to tell you prices have bottomed. Nobody knows that, and I’d be suspicious of anyone who says they do.
What I will say is that most of my clients aren’t buying a market. They’re buying because a baby is on the way or a parent is moving in. If that’s you, the news cycle is a poor reason to sit out a year where you finally have choice and time to think.
How to use a slow market
- Get a full approval, not a pre-qualification. A rate hold of up to 120 days protects you if fixed rates creep up while you shop.
- Keep your subjects. In 2021 people waived inspection and financing to win. Today sellers are accepting them again. Use that.
- Negotiate on more than price. A longer completion date, the appliances, a credit for the roof. With homes sitting 45 days, sellers listen.
- If you own now, be careful buying first. In a slow market your own place may take longer to sell than you expect. I’d rather you firm your sale first, or at least know your bridge options before you sign, than carry two mortgages into spring.
That last point is where I see the most stress. Assume your own place takes twice as long to sell as you’d like, and make sure the numbers still work if it does.
If you’re in the middle of a move, or thinking about one, call me before you write an offer. I’ll tell you what you qualify for today and what the numbers look like if your sale takes longer than you hope.
