The Lower Mainland could see more than 4,000 properties sold for the month of June. That’s a solid performance by most metrics, but if you look back to March, those numbers have experienced a gentle month-over-month decline.
However, there’s still strength in these numbers, says Kevin Skipworth, owner/broker and chief economist of Dexter Realty. Buyers in this market will need to look hard to find bargains, while sellers in some locations and market segments may need to put in a little more effort to attract top-dollar offers.
“We saw some extraordinary sales numbers during the height of the COVID-19 pandemic, as house-bound residents took a hard look at where they lived and decided they wanted their living space to reflect different priorities,” says Skipworth, whose monthly reports on Lower Mainland real estate activity continues to provide unique market insights. “We’re in different territory now. Summer is generally slower for real estate, and as area residents sense that the worst of the pandemic may finally be waning, they may be thinking more about opportunities to enjoy themselves than buying or selling, which may slow activity further.”
Understanding Metro Vancouver’s current real estate market means that buyers and sellers may have to do more research than they’re accustomed to. There’s no unified narrative as activity is distributed unevenly across areas, housing type and price ranges.
“What we can see more clearly is that the market is still undersupplied and more so by what we call ‘the missing middle’ — townhomes as well as apartments under $1 million,” says Skipworth. “The number of active listings has been creeping up, but not enough to put a dent in prices. These types of properties are still seeing multiple offers, and likely will be for some time to come.”