Vancouver Real Estate Market Update for February 2020!

A 42.4% increase in sales from January 2019 to January 2020. The Coronavirus affecting mortgage interest rates, and an app that allows you to catalogue everything in your home. Find out what it all means in this month's video.

This is your Vancouver real estate market update for February 2020 and we’re getting after it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC.
In today’s video, I’m going to cover what’s happened in the Vancouver real estate market in the month of January, what’s coming that could affect the market, and a piece of technology I’m utilizing to make your home selling and buying experience a smoother one. I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please subscribe to my channel, hit that thumbs up button and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

So, let’s dive into it. There was a 42.4% increase from the sales recorded in January 2019 to those recorded in 2020 and a 22.1% decrease from the homes sold in December 2019. Looking at the broader view, last month’s sales were 7.3% below the 10-year January sales average. So, 2020 has begun with steady homebuyer demand. On the supply side, we are seeing fewer homes listed for sale than is typical for this time of year. They were actually 17.4% below the 10-year January average. I find these numbers interesting because they don’t seem to match up or reflect the activity I and many others are seeing in the market right now. The average days on market shrank by approximately 30% in most areas in Metro Vancouver with West Vancouver being the exception.

So, what does this mean if you’re a buyer looking to purchase right now or in the next few months? Well, you want to make sure you give yourself the best advantage and strongest position when you are ready to make an offer. To do this, get yourself pre-approved with your bank or mortgage broker before you even start looking at properties. Know exactly what you have to spend before you go out shopping. There is a difference between being pre-qualified which simply gives you a general idea of what you can afford and be pre-approved where you go through the full process of pre-approval. Most banks don’t do this because it takes a lot of time which is why I work with some of the best mortgage brokers around Metro Vancouver and recommend them to my clients.

Next, make sure you work with a REALTOR to assist you in your search. If you don’t know already, the rules in BC changed nearly 2 years ago now and every buyer must work with their own agent. A listing agent can no longer work for both the seller and the buyer. It costs you nothing as a buyer to work with a real estate agent and it will save you time and money when purchasing a home. And finally, be ready to act when the opportunity presents itself. Sometimes this can happen almost immediately for a buyer and they panic somewhat thinking surely it can’t happen this fast and this easily. Yes, sometimes it can and if you have prepared well you and your agent can spring into action.

When you’re out looking for a home knowledge is key and the Snap Stats market reports are a great way to arm yourself with tons of knowledge on your market area. To download the full market reports simply click on the images below to get either the Metro Vancouver or Greater Vancouver reports. If you’re watching this on Youtube, in the description section below is a link to a sample report which I send to my clients on a monthly basis. You can review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s coming? You may have heard of a little thing called the coronavirus causing a stir worldwide. This is having a ripple effect on the bond market which in turn affects fixed interest rates. If you thought rates were low a month ago, they’re probably lower right now which is another reason to get yourself pre-approved and get that rate-hold locked in for the next 90-120 days.

A piece of technology I’m now utilizing to make your home selling and buying experience a smoother one is an app called Centriq. Centric is an app that allows you to catalogue everything in your home and is the one place to turn for everything you need to know about your home. Well, I have been using Centriq for almost a year and have been providing and recommending it to all my clients. People are thrilled with this app when they discover it and what it can do. They are also thrilled to finally get rid of every single paper manual in their home. A few weeks ago I shot an in-depth video about Centriq so I’m not going to go into full detail about Centriq in this video but if you want to learn more about it you can do so here.

I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver. If you’re moving or planning on moving to the Metro Vancouver area soon and want to know more about specific neighbourhoods, I’ve shot a ton of neighbourhood videos around Metro Vancouver and will be shooting many more areas in the coming months so, be sure to subscribe to my channel so you don’t miss a thing.

That’s a wrap, folks! I hope you’ve enjoyed this month’s market update. If so, please hit that thumbs up button and give this video a like and make sure to leave a comment down below.

Thanks for watching. I’ll see you next month. And remember, this is where you Live. Love. Own Vancouver!