real estate market update

Home sales dropped 35% from this time last year in the Vancouver area, and a full 43% in the Fraser Valley. Toronto saw a similar decrease at 41%. This is the third consecutive month of declines where the sales sit at 23% below the 10 year average. The landscape is now vastly different than it was 3 months ago when buyers lined up to compete for the same home. Now, homes are sitting, prices are dropping, properties can be negotiated, and yet, buyers aren’t interested. Of course the rising rates have been the largest contributing factor, but oddly, all the cries for more homes and less competition have been heard, and the buyers are gone. Perhaps sidelined is a better term. With rates rising at the fastest rate in history, with the Bank of Canada increasing further next week, there is a feeling of ‘shell shock’ in the industry. Buyers have pulled back to see where things will settle. On top of this, many people have seen a tremendous amount of wealth eroded in the stock market. Lastly, we’re about to enter the typically slower summer months where minds shift away from real estate and more towards enjoying the weather.In this episode we look into the June numbers, share predictions on where prices are going next, and discuss recent Mortgage Rate Drops, yes DROPS, that are already taking place in the States._________________________________ 🏡 Visit our website to see active listings and valuable Real Estate information 🏡 → The Vancouver Life: https://bit.ly/3yN25V7🏦 Investors 🏦 Join our Investors Group with over 6,600 Members→ Facebook Group for Investors: https://bit.ly/3CQ7hu3 💥 Follow us on Social Media 💥 → Instagram: https://bit.ly/3jSkRo1→ Facebook: https://bit.ly/3g05bxK→ Twitter: https://bit.ly/3xMGFpZ_________________________________ The Vancouver Life Real Estate Group are licensed Real Estate Agents at eXp Realty Vancouver / eXp Realty Canada:🏆 Top 3% Agents 2019, 2020, 2021🏆 Medallion Club Members 2019, 2020, 2021🏆 Over $250,000,000 in saleswww.thevancouverlife.com_________________________________ 👩🏼‍💼 Are You A Real Estate Agent? 👨🏼‍💼Book a 1-on-1 with us to learn how we help agents DOUBLE their business → https://bit.ly/level10agentThis is a taste of what our Coaching Team can offer you, free of charge!🆓 Google Ads coaching or discounted management🆓 Level 10 Agent + SIMS Coaching Systems & coaching calls every week🆓 YouTube, social media & online lead generation coaching🆓 Access to an online lead generation program🆓 Access to online lead conversion program🆓 1-Page business plan created with you by our Coaching team🆓 90-day Coaching new agent training program🆓 Your Assistants trained & hired with SIMS assistant team🆓 Your Inside Sales Agents trained & hired with SIMS powerhouse ISA team🆓 Access to our private Facebook mastermind Group🆓 Access to 1-1 when you need us for support🆓 Access to kvCORE, 40+ weekly training calls, stock, revenue share and more…👉 Learn more at https://bit.ly/level10agent_________________________________

February 2022 has proven to be the most recent peak of property prices in Vancouver, which have since dropped 10%. (That is in reference to the Median & Average prices – the HPI, a lagging indictor, will follow in the upcoming months.) The majority of this drop happened last month, to the tune of around 5%.Inventory though was a surprise in June, after increasing by 14% in April and 10% in May, it only increased by 2.5% in June. Plus, we’re now going into what looks to be a fairly typical summer where activity levels will be low – and new listings few and far between. This could keep the sales ratio just at or above the sellers market position for the next couple months.But will anyone buy? And will prices keep going down? Global wealth is being eroded, at the estimated amount of $13 Trillion year to date, and this is definitely being felt in Vancouver as well. Plus, we are less than 2 weeks away from another rate hike, further diminishing buying power. There will be more pain in the system before things turn around. So what’s next? More inflation? A recession? Stagflation? Right now it could go any one of those routes – and yet, here comes more money printing. Have we really not learned our lesson yet? _________________________________ 🏡 Visit our website to see active listings and valuable Real Estate information 🏡 → The Vancouver Life: https://bit.ly/3yN25V7🏦 Investors 🏦 Join our Investors Group with over 6,000 Members→ Facebook Group for Investors: https://bit.ly/3CQ7hu3 💥 Follow us on Social Media 💥 → Instagram: https://bit.ly/3jSkRo1→ Facebook: https://bit.ly/3g05bxK→ Twitter: https://bit.ly/3xMGFpZ_________________________________ The Vancouver Life Real Estate Group are licensed Real Estate Agents at eXp Realty Vancouver / eXp Realty Canada:🏆 Top 3% Agents 2019, 2020, 2021🏆 Medallion Club Members 2019, 2020, 2021🏆 Over $250,000,000 in saleswww.thevancouverlife.com_________________________________ 👩🏼‍💼 Are You A Real Estate Agent? 👨🏼‍💼Book a 1-on-1 with us to learn how we help agents DOUBLE their business → https://bit.ly/level10agentThis is what is offered, FREE🆓 Google Ads coaching or discounted management🆓 Sim’s Coaching Systems 3+ coaching calls every week🆓 YouTube, social media & online lead generation coaching🆓 Access to an online lead generation program🆓 Access to online lead conversion program🆓 1-Page business plan created with you by SIMS Coaching team🆓 90-day Sims Coaching new agent training program🆓 Your Assistants trained & hired with SIMS assistant team🆓 Your Inside Sales Agents trained & hired with SIMS powerhouse ISA team🆓 Access to our private Facebook mastermind Group🆓 Access to 1-1 when you need us for support🆓 Access to kvCORE, 40+ weekly training calls, stock, revenue share and more…👉 Learn more at https://bit.ly/level10agent_________________________________

Inflation hit a 40 year high this week reaching 7.7%, with food and fuel driving the gains. Mortgage rates continue their northern ascent with fixed rates at or above 5%, and variable expected to rise to the realm of 4.5%. Mortgage payments on your typical Canadian home are up $1,000 per month, or 60% in just 9 months. Yet the Bank of Canada is set to raise rates at the July 13th announcement with 90% of Economists predicting a 0.75% increase. This will affect housing deeply with prices and sales already falling fast.National homes sales are down 25% from last year and HPI prices ticked down for the second month in a row – not seen since 2019.Meanwhile, job vacancies in Canada surpassed 1,000,000 – and Permanent Residencies were handed out to 64% more people than last year to date.CMHC stated that 5.8 million homes are needed by 2030 just to start bringing prices down, while the actual is predicted to be closer to 1.5 million – meanwhile the Canadian Government is looking to put 3.6 million new people into the country over the same timeframe.So while the focus is all on inflation right now, when the cycle turns back up, the housing shortage issue will be there ready and waiting._________________________________ 🏡 Visit our website to see active listings and valuable Real Estate information 🏡 → The Vancouver Life: https://bit.ly/3yN25V7🏦 Investors 🏦 Join our Investors Group with over 6,000 Members→ Facebook Group for Investors: https://bit.ly/3CQ7hu3 💥 Follow us on Social Media 💥 → Instagram: https://bit.ly/3jSkRo1→ Facebook: https://bit.ly/3g05bxK→ Twitter: https://bit.ly/3xMGFpZ_________________________________ The Vancouver Life Real Estate Group are licensed Real Estate Agents at eXp Realty Vancouver / eXp Realty Canada:🏆 Top 3% Agents 2019, 2020, 2021🏆 Medallion Club Members 2019, 2020, 2021🏆 Over $250,000,000 in saleswww.thevancouverlife.com_________________________________ 👩🏼‍💼 Are You A Real Estate Agent? 👨🏼‍💼Book a 1-on-1 with us to learn how we help agents DOUBLE their business → https://bit.ly/level10agentThis is what is offered, FREE🆓 Google Ads coaching or discounted management🆓 Sim’s Coaching Systems 3+ coaching calls every week🆓 YouTube, social media & online lead generation coaching🆓 Access to an online lead generation program🆓 Access to online lead conversion program🆓 1-Page business plan created with you by SIMS Coaching team🆓 90-day Sims Coaching new agent training program🆓 Your Assistants trained & hired with SIMS assistant team🆓 Your Inside Sales Agents trained & hired with SIMS powerhouse ISA team🆓 Access to our private Facebook mastermind Group🆓 Access to 1-1 when you need us for support🆓 Access to kvCORE, 40+ weekly training calls, stock, revenue share and more…👉 Learn more at https://bit.ly/level10agent_________________________________