MY MISSION
"Bradley Wattum is my agent. He stepped up as a salesman, worked very hard and got my house sold for a good price. One can't go wrong enlisting him as listing agent. Great agent and a friend."
by John"We have worked with Bradley as our realtor in 2014 purchasing our first home and the experience was excellent so when we decided to sell in 2017 the decision to contact Brad again was easy to make. His professionalism and easy going personality make you feel comfortable through every step of the buying/selling process and not once did we feel pressured to make any decisions we were not comfortable with. Bradley was able to get us in contact with a mortgage broker and home inspector that have both saved us money and enabled us to purchase the home we desired in the neighborhood we have started our family in. If you are looking for someone you can feel 100% confident in them we would highly recommend contacting Bradley."
by Mark & Tomo"I had an outstanding experience when purchasing my first home and cannot thank Bradley enough for his professional help. Bradley guided me through every step, laid out everything very clearly and gave great advice. I especially appreciated Bradley’s non-pressure approach, his patience, and him giving his honest opinion about each place that we viewed. Thanks to his knowledge and experience, I found my perfect home in my desired location and within my budget. I feel very fortunate to have him as my realtor, and it was a pleasure to work with him. I would highly recommend Bradley to anyone."
by Sigrid"We have known Bradley for over 10 years. He has assisted us with the purchase and sale of several properties, including a townhouse and condominium, as well as the most recent purchase of a home in Kerrisdale, as well as the sale of our home in Arbutus. Bradley is always very professional, prompt and answers all of our questions fully and without delay. He cares, understands our requirements, and consistently meets our expectations when either selling or buying a home. We would use Bradley’s services again in the future. Thanks Bradley!"
by Anna and James"Bradley was hard working and very prompt with his service.He was courteous and professional in every aspect. I will definitely recommend him as a Realtor and now consider him my Realtor for future dealings."
by Laura M.Buyers remain cautious to begin the fall market
Buyers remain cautious to begin the fall market VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).
“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.”
There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said.
With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024.
Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.
Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.
Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024.
September 2024 - Market Bullet Points
Sales and Competition:
- Metro Vancouver home sales in September declined by 3.8% year-over-year.
- Sales continue to trend 26% below the 10-year seasonal average.
Residential Sales Data:
- September 2024: 1,852 sales, a 3.8% decrease from September 2023.
- Sales remain below the 10-year average of 2,502.
Market Dynamics:
- Recent reductions in borrowing costs have had a limited impact on demand.
- Buyers remain cautious, contributing to a more balanced market as inventory levels grow.
New Listings:
- September 2024: 6,144 newly listed properties, a 12.8% increase from September 2023.
- Listings were 16.7% above the 10-year seasonal average.
Current Listings:
- Total properties listed: 14,932, a 31.2% increase from September 2023.
- Listings were 24.2% above the 10-year seasonal average.
Sales-to-Active Listings Ratio:
- Overall: 12.8%
- Detached homes: 9.1%
- Attached homes: 16.9%
- Apartments: 14.6%
- Downward pressure on prices may occur if the ratio remains below 12%.
Interest Rates and Market Impact:
- Buyers are staying on the sidelines, despite increased inventory levels and reduced borrowing costs.
- Demand may increase later in the year if more policy rate cuts occur.
Home Price Index:
- Composite benchmark price: $1,179,700.
- A 1.8% decrease from September 2023.
- A 1.4% decrease compared to August 2024.
Detached Homes:
- Sales: 516 in September 2024, a 9.8% decrease from September 2023.
- Benchmark price: $2,022,200.
- A 0.5% increase from September 2023.
- A 1.3% decrease compared to August 2024.
Apartment Homes:
- Sales: 940 in September 2024, a 4.9% decrease from September 2023.
- Benchmark price: $762,000.
- A 0.8% decrease from September 2023.
- A 0.8% decrease compared to August 2024.
Attached Homes:
- Sales: 378 in September 2024, a 7.4% increase from September 2023.
- Benchmark price: $1,099,200.
- A 0.5% decrease from September 2023.
- A 1.8% decrease compared to August 2024.