WelcomeHomeYVR - Real estate with Katharine Reynolds
Market Update June 2025
With longer days, blooming gardens and plenty of sunshine it’s finally starting to feel like summer! Wishing you all kinds of wonderful adventures (or rest if that’s what’s needed:) in the months ahead. X Katharine
Inventory builds to record high levels
Inventory levels across Metro Vancouver* reach another ten-year high, while home sales registered on the MLS® remained muted.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).
"While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that many buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question."
Andrew Lis, GVR director of economics and data analytics
If you’re thinking of selling your home, homes ARE selling but accurate pricing is crucial for the specific neighbourhood you’re in. There are hot areas and slow areas so it’s very important to work with a realtor who understands this and suggests a list price based on your specific neighbourhood and not broader comps. I’ve personally noticed that buyers don’t want project properties right now due to uncertainty of tariffs and material costs so it’s more important then ever to make sure your home is a sellable property (repairs and updates done, staged, cleaned etc).
If you’re thinking of buying a home, the market is more favourable then it’s been in years! You can take your time and really look around, write subjects into your offer and negotiate on the price. Prices in most markets have come down, especially for condos, and interest rates are not likely going to get significantly lower any time soon. There are also several gov’t incentives for 1st time home buyers, and due to the large amount of pre-sale products on the market developers are offering some very good incentives now to attract buyers to their projects.
If you’re thinking of buying and selling (either upsizing or downsizing) this can also be a favourable time as you’ll save on the purchase side and it’s become a very common practice to write a subject to sale offer on something you wish to purchase. This means you don’t need to sell before you start shopping for a new home, and it can make things much easier to line up possession dates etc.
I’d be happy to meet up and talk with you about the market whatever your situation! Please call anytime and we can schedule a time to sit down and review your goals.
Government of Canada announces GST Rebate for 1st time home
buyers on properties up to $1,000,000 (up to a $50K savings!)
Due to over supply of new home builds, most of which are fairly unaffordable for 1st time home buyers, the Gov’t has announced a program which offers a rebate of up to $50K on new homes up to $1,000,000 and additional rebates for homes up to $1,500,000. This came into effect on May 27th, 2025 and will stay in effect until 2031 for properties that must be completed by 2036. Details are still scarce on how exactly the rebate will be rolled out but you can read more info here…
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/new-housing-rebate.html
Bank Of Canada rate cut update
The Bank of Canada held interest rates steady at their last announcement on June 4th citing “unusual uncertainty” as the outcomes of trade negotiations with the US are still highly uncertain. The next rate cut announcement is scheduled for July 30th. Several major banks are predicting two more quarter point cuts by the end of the year (RBC & TD) while Scotiabank is predicting the rate holds steady at 2.75%. As we’ve seen so far in 2025, predictions are near impossible with the ever changing policies in the US.
Recent Testimonial
Katharine was Amazing! In this topsey turvey market - Public Open House May 10, Accepted offer May 12th. From the get go she listened to what we wanted, suggested what she thought was going to sell the condo and put her already successful Movie Art Director skills to work. She did all the scheduling, helped with the staging and kept us up to date on each milepost and the tasks involved. She gave us market evaluations, all the eventual sales costs, offered up a roster of all the professionals that a home sale needs. I don't think we waited more than 15min for answers to any question we had. All in all a Bang Up job and 100% always on our side. Thanks Katharine. A real pleasure working with you.
Shelley S
Staging and Design Consultations
If you’re selling your property I can utilize my extensive design background to stage and declutter your space as well as advise on a front of house refresh. If you’re buying I can assist in making sure your current furniture will work and assist in placement. I’m offering this service free of charge for all of 2025!
Referral Offer for 2025
I’d really love to work with people just like you! Send me your referrals of friends, coworkers or family…if your referral results in a completed purchase or sale I'll send you a $500 gift card of your choice as an appreciation of your support. Please call me directly or send your referrals via a group text to 604-831-3616 - include a brief intro of who you're referring and what they’re looking for. I really appreciate all the referrals I've received so far!
Wishing you a safe and happy summer!
Feel free to contact me if I can help.
Katharine Reynolds
604-831-3616
kr@welcomehomeyvr.com
Copyright (C) 2025 welcomehomeyvr. All rights reserved.
My mailing address is:
101-3151 Woodbine DriveNorth Vancouver BC. V7R2S4
P.604-831-3616
F. 604-620-7970