Transaction volume big drop! Market Crushing? More interest rate hiking coming! Buy or still wait？
Yesterday we got the newest data information from greater winkle real estate board now we can see the sales volume of april dropped 25.6% from march of 2022 and dropped 34.1% from last year april that's a big drop does that mean the house market is crushing.
My name is Morning Lee I'm going to use data and the chart today to explain the market what's going on with the. Many countries started the interest rate hiking already including usa uk canada and australia and the European bank is expected to list increases rate very soon.
I'm going to tell you my suggestion regarding the host market for buyers and the sellers so please watch until the end of this video i will tell you what you should do as a buyer or seller for this market the first chart you can see the sales volume is dropped but this deal is around average so it's not very high it's not very low it's just run average
It means it's not that bad so maybe it will continually drop. Who knows, let's wait for another month and then we take a look another chart it's new listings chart. What you can see is there is a big jump from december of 2021.
It's a very high jump even it's not the highest jump but it is among the highest ones so this chart you can see after the big jump of the new listing in april but the total inventory for april is still very low it's much much lower than the past three years average even according to the past 10 years.
It's a very low level so it means not many listings for buyers to buy this chart right now shows you days on market for all properties all price ranges all construction types and all sizes and it means all properties on the market for greater vancouver you can see the data on market number is very very low according to the past 10 years information.
let's take a look the single house is also the lowest level for the past 10 years for apartment is the same thing and for townhouse is the same thing it means for all the properties for april it's very easy to sell it will be sold averagely eight days on the market so of course someone will tell me hey martin that's not the truth i know there's one property is on the market over 30 days already.