In its May news release, the Real Estate Board of Greater Vancouver reported that residential property sales across the region were 22.5 per cent below the 10-year April sales average.
Compared to March, April on the Sunshine Coast saw more detached homes on the market but fewer sales. While it appears interest in detached homes cooled slightly, I’ve seen increased demand in low maintenance townhomes and condos priced under $600,000.
My take is that this is the consequence of tight mortgage qualification rules and rising interest rates. Because some of their buying power has eroded, those looking at detached homes in the $700,000 range last year are now being forced to consider attached properties at or under that $600,000 price point. As such, there’s increased demand and competition in that segment.
If you’re listing your home this May, market your home like crazy, both on and off-Coast. If you’re buying, don’t rush but be ready to move quickly when you find the right property. And as always, call or text me with any questions. I’m happy to share my experience, no strings attached.