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June Was A "Bounce Back" Month for Sales in North Delta

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I wanted to take a moment today to update you on the North Delta real estate market for June.

Looking at the big picture, June was a record-setting month for sales across the entire Fraser Valley. Demand is still elevated and we're still very much in a seller's market across the Fraser Valley. The situation is no different here in North Delta

Remember, April was kind of the peak of the market with sales as inventory shot up. As we headed into May, we saw sales decline. So what happened in June? Well, it was a bounce-back month for sales - we saw 105 for the the month with inventory dropping from 169 to 156. New listings from May to June essentially stayed level.

Looking at these numbers, we might say the market is trending back in the other direction, and that it's going to heat up once again - but let's not jump to any conclusions like that just yet. I think the market found a balancing point back in May, and I think we'll see this trend continue over the summer. We'll definitely stay on top of the trends and keep you informed as we move forward into July and August.

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This continues to be the most opportune time we've seen in our history.

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Taking a look at the sale to active listings ratio, remember that March was the peak, and that we've seen that number climb steadily down from 95% to about 55% in May. What happened in June? With sales going up and inventory decreasing, we should see that number increase, and in June, that number jumped up to 67%. Interestingly enough, we're seeing the same sale to active listings ratio this June as last June (69%), and although it doesn't feel like it, the ratios really are the same.

Finally, I want to touch on benchmark price. In May we saw that value shoot up to $881,300 and at that time, I thought it was a lagging indicator based on the flurry of activity we saw in March and April. In June, that value is up about 2.8% to $905,700 from May, and it's up 47.8% from June 2015.

What does that mean for you as a North Delta homeowner? Well, we're still in a seller's market. Demand continues to be quite high; June was a record-setting month. As a homeowner who might be considering selling and making a move, this continues to be the most opportune time we've seen in our history. If we do see history repeat itself though, we can expect the market to cool down in July and August. Kids are out of school and families are on vacation - it's very typical of our market situation. As we get out of Labor Day, the market picks up as we move forward to Christmas.

As the market picks up, I'll of course be the first to bring you that information. If you're thinking about buying or selling, give me a call soon. As always, if there's anything I can do to help, feel free to give me a call or send me an email.

Is Scotiabank's Lending Change A Signal for the Market?

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I wanted to tell you about some of the changes we're seeing in our lending market locally.

Over the last couple of weeks we've been talking about a cooling down shift in the North Delta real estate market, so I wanted to bring up the most timely information from the financial side of real estate, and some news coming out of Scotiabank. They are effectively backing off on lending throughout metro Vancouver.

Basically, Scotiabank is looking at our market and getting a sense that there's too much risk here in Vancouver to keep letting people borrow money to buy a home.

To quote Scotiabank CEO Brian Porter, "We're a little concerned about house prices in greater Vancouver and Toronto." They're effectively taking their foot off the gas, and scrutinizing the transactions coming out of metro Vancouver.

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Lenders are starting to send signals.

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If rates were to increase - which isn't unfathomable - at some of the values people have borrowed, it really is too much risk for the lender, and for the homeowner at that point. Porter says there is a possibility of an upside in these market, but the downside is a very real possibility. If you see money tightening by the banks, it really could have a significant impact on the Vancouver real estate market. If the Provincial and federal governments are failing to take action, then the next would be the lender, and you're starting to see that.

If TD and RBC follow and we see more lenders really clamp down on the deals, then yes, sales are going to slow, and it will have an immediate impact on North Delta real estate as well.

This is very timely info, but please understand, the market is still very healthy here in North Delta. The sky is not falling and the market is not crashing! If you have any questions, please feel free to reach out to me.