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May in Real Estate

Junuary is in full swing and it seems like summer is still just a dream for now. Working in the garden in between the cold rain is not as much fun but I hope summer will arrive soon enough.

Real Estate markets across the country have been showing signs of slowdown. I suspect that it will be short lived because even though the higher interest rates will discourage some buyers, the demand is still very strong across the whole country. There simply is not enough houses for sale to meet everyone’s demand.

Campbell River
The Vancouver Island Real Estate Board (VIREB) housing market appears to be shifting amidst lighter demand and increased inventory.

The increased inventory is good news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. However, the market still favours sellers, and balanced conditions seem to be some distance away. According to the British Columbia Real Estate Association (BCREA), it will take a substantial decline in demand to return active listings on Vancouver Island to a healthy state.

In Campbell River, the benchmark price of a single-family home hit $76,200 in May, up by 29 per cent from the previous year.
Benchmark Price for an apartment: $385,700.
Benchmark Price for a Townhouse: $527,100.

full report HERE

Quadra Island
Quadra Island in May had 3 new listings, 1 sold (pending), 1 sold, 1 expired.
If you would like more details including “sold prices” go to my website, sign up and log in for free to members only area that will provide that information
Cortes Island
May on Cortes Island had 3 new listings and 1 sold (pending).
If you would like more details including “sold prices” go to my website, sign up and log in for free to members only area that will provide that information

“For the second month in a row, sales activity trended down after all-time record high sales in March. “While higher lending rates are weighing on sales activity, the market is still struggling with supply levels and rising prices which could also be contributing to slower sales, especially in the detached market. Nonetheless, if this shift continues, we could begin to see more balanced conditions in the market over the next several months, slowing the pace of price growth in the market.
The benchmark price of detached homes in the city of Calgary hit $648,500;
semi-detached: $584,700;
row home: $363,300;
apartments: $275,300.”

full report HERE

VANCOUVER, BC – June 2, 2022 – After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates.
“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market,” said Daniel John, REBGV Chair. “Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”

 “Upward pressure on home prices has begun to ease in the housing market over the last two months,” John said. “Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.”

The benchmark price for a detached home is $2,093,600. This represents a 15 per cent increase from May 2021.
The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021.
The benchmark price of an attached home is $1,141,200. This represents a 21.5 per cent increase from May 2021.

Full report HERE

TORONTO, ONTARIO, June 3, 2022 – Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis.

“Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,” said TRREB President Kevin Crigger. 

The average price for a detached home in area (416) is $1,914,890.
The average price of a semi-detached home (416) is $1,426,273.
The average price of a townhouse (416) is $1,045,874.
The average price of a condo (416) is $793,124 as reported by the Toronto Regional Real Estate Board (TREBB).

Full report HERE

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®
Home number: 250-285-2141 proud sponsor of Quadra Island online community



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