April 2022 Real Estate Statistics
We have 15 appraisers servicing the GVA and Okanagan. You’ve heard enough from me over the last decade, here are some snippets of what my appraisers are observing in their service areas. It does accurately reflect the April statistics provided by the Greater Vancouver, Fraser Valley and Okanagan real estate boards. Let our team’s knowledge of local markets help you get the value you deserve.
Kurtis Trinh(GVA) ”I am noticing a slow down in sales due to increased interest rates and a general downward trend in values. Pre-sales for new developments are also hot with waitlists of 1,000 + people trying to get a certain desirable unit location”
Saleh Abdulrhman (Kelowna) “The housing market in Kelowna has cooled off after a hot winter market. Benchmark statistics show an overall increase in values this winter of 5-7% across all property types. Land assemblies and developer interest remain high in the downtown and Rutland areas”
Gareth MAcdonald (Review Manager) “It appears the suburban satellite city boom from Covid-19 is beginning to show signs of stalling and in certain markets a slight pull back.”
Oscar Demirbas (Abbotsford / Chilliwack) “Larger lots with older homes are being sold at very high price points due to increased density allowed under the Future Land Use plans. This involves rezoning but buyer’s appear to be very optimistic that rezoning and redevelopment will be approved by the city. A cool down is expected.”
Harry Nie (Surrey / Burnaby) “Houses over the 1.4 Million mark have slowed down in volume, not in values. The market for rentals, especially of 1 bedroom apartments, has increased dramatically in North Surrey. Anthem Properties is building some beautiful new developments (residential/retail/office) in Brentwood as well.”
Amandeep Sidhu(Surrey / Langley / Abbotsford) “I am seeing improvements in listings and higher days on market along with minor price adjustments over the last few “super hot” months, all this with changes in interest rates and cooling off legislation (Bill -12) – important economic and political changes.”
Claire Gibson (Vernon) “An area of interest in Vernon is the Okanagan Gondola Project. The gondola is proposed to be 1600 feet up, located in and around the Baileys corner and the Rail Trail areas. The proposed project will overlook Kalamalka lake and the surrounding area. I believe increased tourism will increase Vernons exposure affecting the real estate market.”
Mikhail Geyne (Tri Cities) “Since the increase in the interest rates by the Bank of Canada, I’ve noticed that the buyers in general have become more picky in their purchase options as well as the timeline for buying a real estate property, in general, has increased since the beginning of the year.”
Arden Schafer (Vancouver / North Shore) “While the market has come off its March highs, it remains strong. With the recent rise in interest rates and the expectation of further rate hikes to come, I would expect the market to continue to gradually slow down over the coming months.”
