Spring Newsletter

April 11, 2023

As usual the latest market stats will appear in my monthly Stilhavn newsletter. If you are not a subscriber and would like to be, please let me know. This below is my personal take on what’s happening out there.

As predicted in my last newsletter, now that interest rates “appear” to have have stabilized, buyer confidence has returned and with inventory still tight, prices have also begun to firm up. In some sectors there is even some upward pressure as competing offers become more common place again.

The busiest sectors as ever are those which are oversubscribed with buyers, those primarily being the entry level to each part of the market. In Vancouver, for detached homes, that means anything under $3,000,000 on the Westside or under $2,000,000 in East Van. For condos, think one bedrooms under $600,000, two bedrooms under $900,000, and townhouses under $1,200,000. If you are thinking of selling any of the above, and most especially if that’s with a view to upsizing, now would be an excellent time for us to be having a conversation!

One other potential opportunity in today’s market may be emerging. There is a serious hangover from the pandemic with regard to taking on renovation projects. Turn key homes are selling for a premium and if anything is struggling a little right now it is properties that require more than cosmetic renovations. During the pandemic, supply lines were heavily affected, building costs went through the roof, contractors were run off their feet, and the city permit process almost came to a stand still. All of these situations have improved significantly in recent months, so if you are willing to put in the research, time and effort into a renovation project, as a prospective buyer or seller, the market may well reward you.

All the best,