Jay Mcinnes

Mobile: 604-771-4606


June 2019 - We Were Right...

June 2019 - We Were Right....

Good afternoon everyone and welcome to this weeks blog! We’ve hit the end of the first week of July, and for those of you who don’t know, this is typically when the previous months statistics become available from the Real Estate Board of Greater Vancouver. This is when the analysis takes place and you’ll start hearing phrases like:
  • Lowest In 15 years!!!
  • Record Breaking Supply
  • Worst since June 2000

Especially in this market, the news is often always about the decline, as when the market is on the rise, the news is always on the market forever rising. That’s the way of media though, to amp things up regardless of the situation and we’re not here to change that. We are here to shed a matter of reality onto the subject.

So, let’s start with the latest headlines we’ll likely be hearing about shortly: 
‘Housing Supply Continues To Rise!!’Or something like,‘Record Low In Sales Since June 2000!’

Before we move on, We want to make it 100% clear, we predicted May would follow the trend in a surge of sales, giving the false rise to a ‘rebounding market’, then reality would set in as the supply and amount of sales would dip, going into June…… And we were right!

The problem with the above type statistics that you hear daily, weekly or monthly. Is that they are based on ‘METRO VANCOUVER’. For those who don’t know, Metro Vancouver encompasses Downtown, North Van, West Van, Langley and everything in between. So the above statistics are not neighborhood specific in ANY way. Now we focus on Vancouver Downtown, Eastside and Westside. The story is a lot different when it comes to us. In fact, whether you are looking for either an Attached or Detached home in any of these areas, your supply decreased in June, by up to 25.92%.

To be more specific, this is how much supply decreased in each of these areas in June 2019:
  • Vancouver Eastside Condos             = -25.92%
  • Vancouver Eastside Houses             = -13.66%
  • Vancouver Westside Condos            = -14.40%
  • Vancouver Westside Houses            = -19.00%

This means if you were looking to purchase a Condo on the Eastside of Vancouver, your chances of finding the ‘right one’ for you decreased by close to 26%.Now for all of the literal people out there trying to make something out of nothing, we’re not saying your chances as a buyer are completely diminishing and all hell will break loose if you don’t buy now. But this type of activity rings true with our prediction, that through the summer, your potential supply in homes will decrease giving you less to choose from if you are actively looking to buy.

Sales are still declining, meaning there will have to be a gap bridged between seller and buyer expectations moving forward. Check out our vlog on Arrogance is killing your sale here for more on that! Or if you’re a buyer check out our vlog on Fear in this market here.

And with that, we wrap up this weeks blog! It’s so important to not get overwhelmed with the overall news you hear, and do your research into the specific areas of interest you have. If you have a 2 bedroom townhouse in Yaletown, it’s highly likely you don’t care what a 2 bedroom condo is doing in White Rock. :)

Thanks so much for reading everyone!
Until next week,

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523