Vancouver Real Estate Market Update For June 2021!

A shift away from the record-breaking pace we saw earlier in the Spring. Find out what it all means in this month's market update video.

A shift away from the record-breaking pace we saw earlier this Spring! This is your Vancouver real estate market update for June 2021 and we’re getting into 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 through the month of May, what might be coming that could affect that market and a piece of technology I utilize 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 hit that subscribe 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. May sales activity saw a shift back from the record-breaking pace of earlier Spring months. And, while there was a 13% decrease in sales from April 2021 to May 2021, last month’s sales were still 27.7% above the 10-year May sales average.

There was also a 7.1% increase in the number of homes listed when comparing April 2021 and May 2021 listing totals. A little less intensity in today’s market, I think, is a good thing.

What does this mean if you’re thinking of selling your home? With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions and not based on what happened just a month or two ago.

If you are thinking of selling your home soon, reach out to me for an in-depth market evaluation for your home.

If you’re a buyer right now you should be happier. There is a little more inventory on the market and less intensity which hopefully means you won’t be running into as many multiple offer situations. There will still be multiple offers for homes that are priced aggressively and are highly sought after but you should have just a tich more breathing room.

If you want to stay on top of the market, whether you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a fantastic 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 the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

If you’re watching this on Youtube, down in the description section is a link to a sample report which I send to my clients on a monthly basis. Feel free to 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?

As Keith Stewart, the REBGV economist said, with sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what effect they’ll have on the current market cycle.

I also talked last month about the rising number of people being vaccinated in BC and the falling COVID case numbers and what impact this will have on the market through the summer?

Most of us have been cooped up for the past 15 months. Travel restrictions will most likely ease across the country and the US government is in talks with ours about re-opening the border.

We are already seeing a slowdown in sales activity. July and August could see further slowing in sales activity if many people decide it’s finally time to go on a vacation. I’m still predicting this is what will happen.

New Technology

Centriq is an app I brought to your attention last year and I think it’s definitely worth refreshing your memory about. 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. 

I have been using Centriq for over a year now 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. I filmed an in-depth video about how to use Centriq last year 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.

And, down in the description below is a link for you to check out the app for yourself. I think you’re really going to love it.

Hey, thanks very much for watching. If you enjoyed this video and you want to learn more about Vancouver neighbourhoods, I have filmed over 45 neighbourhoods around Metro Vancouver and you can check them out in this playlist right here. And, don’t forget to hit the subscribe button here because on this channel you’re going to find everything you need to Live, Love, and Own here in Vancouver so, don’t forget to subscribe.