British Columbia Sun

Real estate deceleration could get more certainty to the B.C. market, experts say

BC

Key takeaways: 

  • Housing sales across the Lower Mainland declined in April for the 2nd month in a row.
  • Selling homes quickly and well above the asking cost has been the standard for the previous two years, according to Fraser Valley realtor Adil Dinani. 

As housing sales across the Lower Mainland fell in April for the second consecutive month, some specialists say the slowdown could strengthen the market.

The Real Estate Board of Greater Vancouver reported home sales declined 25 percent from before. The reduction is quite pronounced in the Fraser Valley, where home sales dropped 36.6 percent from March to April. 

Adil Dinani, a realtor in Metro Vancouver with Royal LePage West, said the deceleration is healthy after the red-hot market of 2021. 

“We’re going from an overheated market to what I would claim is now more of a balanced, normalized market environment.” 

For the previous two years, houses in the Lower Mainland have been selling quickly and well past the asking price, with multiple proposals on the table, according to Dinani. 

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housing sales across the Lower Mainland fell in April for the second consecutive month

Dinani is now spending more time educating sellers on the shifting market and assuring houses are priced accordingly.

“We were in a marketplace 12 months back that was uneasy for us as practitioners, was uncomfortable for purchasers, and was somewhat skeptical for sellers.”

The slowdown is seen across the region, with the British Columbia Real Estate Association reporting house sales in the area dropping 24.1 percent in March 2022 compared to March 2021. 

Dinani said the drop in sales presents an excellent chance for customers, dealing with a fiercely competitive market for the last few years. 

“Frustrating and disillusioning.” 

After a three-year-long quest, Port Alberni citizen Michael Huber and his spouse are ultimately purchasing their first home. 

Source – cbc.ca

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