Real estate professionals are observing a shift in the Greater Vancouver real estate market.
According to Vancouver realtor and investor Steve Saretsky, the market has become oversaturated to the point where real estate agents are rejecting listings.
He noted, ““Inventory is piling up, and properties are not moving as quickly as before, which means many realtors are essentially working without compensation.”
Home sales in the area have hit their lowest point since 2020, leading to a mismatch in sellers’ expectations in a buyer’s market, as outlined by Saretsky.
As a result, properties that previously sold rapidly and above asking price may now require more effort and time to finalize a deal – if they sell at all.
Realtor Roman Krzaczek emphasized the need for people to adjust their price expectations in the current climate.
He commented, ““Many listings are being relisted because they failed to sell last year, and expecting the same price is unrealistic given the present market conditions.”
Krzaczek highlighted the financial and time investments realtors make in selling a property, such as spending on marketing materials.
He recounted an incident where he lost a listing because the seller insisted on a higher price than Krzaczek believed was reasonable.
“Someone else has listed the property now,” he lamented. “I wish them success. They are wonderful people who truly need to make the sale.”
Krzaczek cited instances where property listings saw significant price reductions, a trend he had not witnessed in his decade-long real estate career.
“Historically, price cuts were in the range of $10,000 to $30,000, but drops of $130,000 to $200,000 are substantial. The current market seems to be undergoing a significant price correction,” he observed.
