Who is Jamie Hooper?
Jamie Hooper is one of the Top Greater Vancouver Realtors and Real Estate Agents.
With over 24 years of experience, we have helped thousands of sellers and buyers achieve their goals. We are with you from start to finish and you will appreciate our honesty, attention to details, and our vast market knowledge and powerful negotiating skills. We would love to welcome you to our real estate family!
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(partail transcription below:
Today we are going to talk about two things, the current state of the Vancouver Real Estate Market and if you are selling your home, how you can get multiple offers on your property even in this slow market.
March was the slowest March on record since 1986. April wasn’t the slowest April on record, but the conditions weren’t a heck of a lot better. For the entire Greater Vancouver region, sales were down 29% from April 2018 – April 2019. Remember that April 2018 was not in great shape either. The April statistics for the April ten year average were 43% below the ten-year average. Market conditions are not great. We have rising inventories, and not because people want to abandon the market or run away and cash out, it just that nothing is selling. Homes are sitting on the market a lot longer, as if you kept buying food and loading up your refrigerator, but you weren’t eating any of it.
Let’s talk about how much prices have gone up and down over the last year. The benchmark price for the Westside of Vancouver for a detached house is down 13% over the last year. If your house was worth 2 million dollars last year, now it is worth about 1.75 million. The Eastside is pretty much the same and is down 12%. Ladner showed the smallest decrease with prices down about 4% last year. Richmond is down 12% as well. Those statistics are for the detached market.
Condo prices haven’t seen as much of a decrease because the condo market was still pretty good for the first 4 months or so of 2018 and then it started to slow down. Condo prices for the last year for the West side (which also includes Downtown) are down about 9%. Eastside is down 5%, Ladner 8% and Richmond 7%.