The TRUTH About Canadian Real Estate Offers

The BCFSA recently conducted a deep dive into 3,266 residential real estate sales conducted between the period of February 19, 2023 and March 18, 2023. This sample size represented approximately 62% of the estimated 5,286 residential sales conducted during that time period. The BCFSA shared their findings regarding how many transactions were in a multiple offer scenario, how many were unconditional, and what the average days on market and the average sale price versus list prices.
In this video, Surrey real estate Specialist, Steve Karrasch of Macdonald Realty walks through the highlights of the BCFSA’s findings.
Real Estate Brokerage Data Call: 2023 Summary Report www.bcfsa.ca/media/3366/download
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

[@SteveKarrasch]

Are your surprised by this data?

[@gorancyvr]

I can tell you from personal experience that FEB and March market were totally different animals. I placed an offer 80,000 above asking in April, there were 25 other offers, all declined. The seller relisted a day later for 180,000 higher price and sold very close to that 2nd asking price. I guess my timing was a little off😂

[@frenchbutter]

It's interesting how the sales pitch when prices are increasing is, "2 weeks ago is old news." But, when prices are decreasing the pitch is "2 weeks ago homes in this area were selling for...". Already the market has changed from Feb and March and although it's going slowly sellers are reducing their original listing prices or days on the market are longer.

[@SteveKarrasch]

You know prices are still going up right?

[@frenchbutter]

@@SteveKarrasch Yeah, in about 10 years.

[@catt698]

As someone who has been looking for a house since March, prices are creeping up so very slowly so they would be crazy to go into multiple offers. Inventory is low and prices are on the medium/high side. It's a crazy market

[@SteveKarrasch]

Thanks for sharing in the comments.

[@charityvangorkom4525]

Great Break down!

[@SteveKarrasch]

🙏

[@TheTomStoreyShow]

That last fifth one is pretty crazy!

[@jessefaw]

I've heard of people who outbid themselves by hundred of thousands of dollars. Its very unfortunate, but hey I mean someone made a bigger commission I guess

[@jillianmendez6148]

'Promo SM'

[@davidsmind]

Not surprising and definitely not rational.