WelcomehomeYVR - Real Estate with Katharine Reynolds
Summer is in full swing and with it longer days and warmer weather. I hope you’ve been able to get out and enjoy our beautiful city! I’ll be posting some of my favourite local outings this month so if you don’t already - please give my instagram &/or Facebook pages a follow (welcomehomeyvr).
It was a good news/bad news kind of month…
Sales in June were down 9.8% year over year in Greater Vancouver, which although sounds bad was a big improvement from May which was down almost 20% year over year. It appears people are slowly coming back to the marketplace with some confidence and the understanding that interest rates and prices probably won’t drop much more.
It’s currently a very interesting market…the spring market never materialized yet people are still moving to our city, up or down-sizing or wanting to buy their first home. We’re seeing some sales that probably would have occurred in March/April/May happen now & July is looking ok for sales volumes so far…favourable buyer conditions, new government incentives & pre-sale incentives are bringing buyers back to the table.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,561, a 23.8 per cent increase compared to June 2024 (14,182). This is 43.7 per cent above the 10-year seasonal average (12,223). The increased inventory plus lower sales volumes means it will take a while for the market to heat up again, but as I’ve said all year - good properties priced well are selling, even in multiple offers. I will say, if you’re thinking of selling It’s never been more important to stage and present your property properly if you want to increase your chances of a quick sale.
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 604-831-3616.
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.
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 next Bank of Canada rate cut is scheduled for July 30th when they'll also release the Monetary Policy Report. It’s been such a wacky year and the odds change weekly but current predictions seem to say no cut coming in July, or at the most a .25%. While the Bank of Canada aims to support economic growth with potential rate cuts, it remains cautious of inflationary pressures arising from increased import costs due to tariffs. The central bank has emphasized a balanced approach, weighing the risks of higher inflation against the need to stimulate the economy. Most economists are expecting to finish the year between 2.25%-2.5% so not a huge difference from where we are now.
Thinking of selling this fall?
If you’re thinking of listing this fall there are several things you could be doing now in order to have your property ready to go. Things like decluttering and house/yard maintenance are much easier and more enjoyable in good weather. It’s also a good idea to get videography and marketing materials done when the light is good and your home/garden looks its best, before the end of summer! Contact me for a complementary Sellers Guide which walks you through all the steps to make sure your sale is a smooth one.
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
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