When is the best time to buy and sell a home?

 

Among the 12 months in a year that we have, Summer is the best time to sell your home.

 

May 1st is the best time to sell houses in BC. The good weather will get you a buyer that is very eager to transfer due to good weather.

It will not be a hassle to transfer during summer time. In a study, 

It showed May had the highest number of sales compared to any other month of the year and prices tended to be higher.

 

Possible reasons for that is that aside from nicer weather, a home tends to show better in spring and summer.

More buyers may also be ready to buy as they might be using their tax refunds for the down payment. 

Plus, if they have kids, moving in summer means schooling isn’t interrupted.

 

Fard added that, on average over the last five years in the GTA, selling in May can get you $60,000 more than if you were to sell in January.

If you are looking for an opportunity to sell your home, contact me now so we get the comparative market analysis to prepare your home for May 2018.

 

 

October sales exceed historical average

 

 

 

Metro Vancouver home sales exceeded typical historical

levels in October with the majority concentrated in the townhouse and apartment markets.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that

residential property sales in the region totalled 3,022 in October 2017,

a 35.3 per cent increase from the 2,233 sales recorded in October 2016,

and an increase of 7.1 per cent compared to September 2017 when 2,821 homes sold.

 

Last month’s sales were 15 per cent above the 10-year October sales average.

“Conditions continue to vary significantly based on property type.

The detached home market is well supplied with homes for sale,

which is relieving pressure on prices,” Jill Oudil, REBGV president said.

“It remains a much different story in the townhouse and apartment markets.

Buyers of these properties continue to have limited supply to choose from and

are seeing upward pressure on prices.”

 

There were 4,539 detached, attached and apartment properties newly

listed for sale on the Multiple Listing Service® (MLS®)

in Metro Vancouver in October 2017. This represents a 14 per cent increase

compared to the 3,981 homes listed in October 2016 and

a 15.6 per cent decrease compared to September 2017 when 5,375 homes were listed.

 

The total number of properties currently listed for sale on the MLS® system in

Metro Vancouver is 9,137, a 0.1 per cent decrease compared to

October 2016 (9,143) and a 3.5 per cent decrease compared to September 2017 (9,466).

For all property types, the sales-to-active listings ratio for October 2017 is 33.1 per cent.

By property type, the ratio is 16.8 per cent for detached homes,

44.8 per cent for townhomes, and 66 per cent for condominiums.

 

Generally, analysts say that downward pressure on home prices

occurs when the ratio dips below the 12 per cent mark for a sustained period,

while home prices often experience upward pressure when it surpasses

20 per cent over several months.

“The growth in our provincial economy and job market is contributing to today’s demand,”

Oudil said. “The federal government’s announcement of plans to tighten

mortgage requirements for the seventh time in the last eight years

also helped spur activity in the short term.

Many buyers are trying to enter the market before the changes are in place.”

 

The MLS® Home Price Index composite benchmark price for

all residential properties in Metro Vancouver is currently $1,042,300.

This represents a 12.4 per cent increase over October 2016

and a 0.5 per cent increase compared to September 2017.

Sales of detached properties in October 2017 reached 940,

a 44.2 per cent increase from the 652 detached sales recorded in

October 2016 and a 34.6 per cent decrease from the 1,437 sales in October 2015.

The benchmark price for detached properties is $1,609,600.

This represents a four per cent increase from October 2016 and

a 0.5 per cent decrease compared to September 2017.

Sales of apartment properties reached 1,532 in October 2017,

a 30.1 per cent increase compared to the 1,178 sales in

October 2016 and a 0.7 per cent decrease from the 1,543 sales in October 2015.

The benchmark price of an apartment property is $642,000.

This represents a 22.7 per cent increase from October 2016 and

a one per cent increase compared to September 2017.

Attached property sales in October 2017 totalled 550,

a 36.5 per cent increase compared to the 403 sales in October 2016

and a 17.4 per cent decrease from the 666 sales in October 2015.

The benchmark price of an attached unit is $802,400.

This represents a 17.7 per cent increase from October 2016 and

a two per cent increase compared to September 2017.