Well….there are definitely signs of life out there! The August numbers were (seasonally adjusted) a bit more encouraging in terms of sales volume. In the trenches, the last 30 days have been the most productive for me personally since before the tariff saga began in February. Hopefully this week’s rate drop will help buyers a little too.

I sense that some people (Realtors included) are waiting for a major turning point, where suddenly we’re back to multiple offers and soaring prices before they consider the market to be healthy/”back”. From my perspective, there is nothing to wait for. The resale market is functional and prices are stable in most sectors. Luxury and/or new construction condos are the primary focus in the media in any market cycle and right now they are struggling. But that has not been the primary driver in the city of Vancouver for local buyers and sellers in almost a decade. If you’re considering entering or moving up the resale market, now is a significantly easier and less stressful time to do so. There is more choice available and more time to make an informed decision.

I began selling in Vancouver in the late 90s in very similar market conditions. The subsequent 20 years were artificially stimulated by heavy investor engagement, both foreign and domestic. With multiple restrictions imposed in recent years by all 3 tiers of government, those days may be over and, if they are, we may be returning to a more stable market directly linked to the actual means of those looking to buy and sell their own homes.

If you’d like to hear more on this, I was speaking with Gloria Macarenko live on CBC Radio last week. Follow this link to a recording of the whole interview.

All the best,

Duncan