REAL ESTATE

REAL ESTATE Buyer’s market for detached homes in region’s posh areas

by Carlito Pablo

Change has come to the two most expensive places for detached homes in Metro Vancouver.

The West Side of Vancouver and West Vancouver are now a buyer’s market. e shi in market conditions for single-family homes in these areas was noted in the June 2022 edition of the monthly rennie review.

Rennie is a major real-estate marketing company that regularly comes up with market reports and analyses.

On June 6, the Straight reported that the market for detached homes in areas covered by the Real Estate Board of Greater Vancouver (REBGV) has statistically become balanced. e real-estate board reported that the sales-to-active-listings ratio for single-family homes in May 2022 shi ed to 18.3 percent.

To explain, a market is balanced when the sales-to-listings ratio is between 12 percent and 20 percent.

Sellers and buyers are on an even playing eld when the ratio sits at that range.

It is a seller’s market when the ratio goes over 20 percent, which means prices tend to go up.

It becomes a buyer’s market when the ratio goes below 12 percent, which generally leads prices to drop.

Well, rennie reported that the sales-tolistings ratio for detached homes in the West Side of Vancouver in May 2022 was down to 11 percent.

Rennie also reported that sales of singlefamily residences in this part of the city fell month-over-month in May by 14 percent, and were 32 percent below May 2021. e median price in May was $3.6 million, down four percent from April and 0.6 percent above the same month last year.

Based on the market report by the REBGV, the typical price of a detached home in the West Side of Vancouver in May 2022 was $3,490,600.

Over in West Vancouver, rennie reported that the sales-to-listings ratio for detached residences in May was 10 percent, again reflecting a buyer’s market.

Also, sales fell month-over-month by 20 percent, and were 28 percent below May 2021. e median price for detached homes in West Vancouver in May was $3.3 million, a three percent increase fromF April and six percent over May last year. e REBGV has reported that the benchmark price for single-family homes in this North Shore municipality in May was $3,475,600. e June 2022 edition of rennie review noted that the sales-to-listings ratio for detached homes in the combined markets of Greater Vancouver and Fraser Valley in May 2022 was 16 percent. is means that market conditions for single-family homes in these jurisdictions as a whole are now balanced.

The Straight reported on May 11 about that month’s edition of the rennie review. The publication suggested that the realestate market as a whole may find itself in a balanced condition by summer.

“Maybe—just maybe—we’ll nd ourselves with balanced market conditions just in time for summer,” the bulletin stated. g

This home and a laneway house at 304 West 11th Avenue was listed on June 13 for $3,875,000.

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