What Does “The Market” Actually Mean for You?

People talk about “the real estate market” all the time.

The market is up.
The market is down.
It’s busy.
It’s slow.
It’s a buyer’s market.
It’s a seller’s market.

But here’s the thing: there really isn’t just one market.

When someone asks me, “How’s the market?” my answer is usually, “It depends.”

And I know that can sound like a bit of a non-answer, but it’s actually the most accurate one.

A detached home in Coquitlam can be experiencing a completely different market than a condo in Port Coquitlam. A townhouse in Maple Ridge may be getting strong interest while a higher-end detached home nearby sits for weeks. A nicely renovated family home in a popular school catchment can attract multiple buyers, even when the headlines are telling you the market is slow.

Real estate is incredibly local. Sometimes it’s even local down to the street, the price range, or the type of home. That’s why I always caution people against putting too much weight on broad headlines.

You might read that prices are falling, while the type of home you own is holding its value quite well. You might hear that it’s a buyer’s market, but if you’re trying to buy a very specific home in a neighbourhood with almost no inventory, it may not feel like one at all. Or you might hear that sales are slow, while a well-priced, well-presented home gets a lot of attention within its first week on the market.

That’s where context matters.

For buyers, understanding your particular market helps you know how you should approach an offer. Do you need to act quickly? Is there likely to be competition? Is there room to negotiate? Can you afford to wait and see? Those answers aren’t the same for every property.

For sellers, it’s just as important. Knowing what’s happening with homes that actually compete with yours helps us make better decisions around pricing, preparation, marketing, and expectations. It helps answer questions like:

How many similar homes are for sale right now?

How quickly are they selling?

Are buyers paying close to asking price?

What condition are the competing homes in?

Are certain price ranges moving better than others?

Are buyers responding differently to renovated homes versus homes that need work?

Those are the things that tell us what your market looks like.

A general market update can still be useful, of course. It gives us a sense of the bigger picture. But it becomes much more valuable when we narrow it down to your actual situation. That means looking at things like:

• Your property type

• Your neighbourhood

• Your price range

• The homes you’re competing against

• Recent comparable sales

• Current inventory

• Buyer demand

• Condition and presentation

• Timing

So, when someone asks me, “How’s the market?” the most useful answer is rarely just “good” or “bad.” It’s “Let’s look at the part of the market that actually matters to you.” Because at the end of the day, the market that matters isn’t the entire Lower Mainland. It’s the market for your home, your budget, your neighbourhood, and your goals.

And that’s where good real estate advice becomes valuable—not just repeating headlines, but helping you understand what they actually mean for you.