Last month’s sales-to-active listings ratio dipped to 24.1%; the lowest it’s been since 2015. September’s sales were also 9.6% below the 10-year sales average for the month. But what does this really mean? Is it indicative of the recent Foreign Buyer’s Tax and new proposed Vacancy Tax by Vancouver’s mayor? Perhaps, as Vancouver home buyers become more wary of their choices.
“Changing market conditions are easing upward pressure on home prices in our region,” REBGV president Dan Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a realtor.”
Especially as supply and demand conditions begin to differentiate in property type, as well. “We’re seeing more demand for condominiums and townhomes today than in the detached home market,” Morrison continued. Home sales of attached, condos, and townhomes reached 2,253 last month, a 32.6% decrease from September 2015 and a 9.5% decrease from August 2016.
New Listings (detached, attached, and apartment): 4,799
1% decrease from September 2015
11.8% increase from August 2016
Total Active listings on MLS®: 9,354
13.4% decrease from September 2015
10% increase from August 2016
Sales-to-Active-Listings ratio: 24.1%
Lowest since February 2015
Benchmark price for all residential properties: $931,900
28.9% increase from September 2015
0.1% decrease from August 2016
Benchmark price for a detached property is $1,579,400
33.7% increase from September 2015
0.1% increase from August 2016
Detached property sales totaled 666
47.6% decrease from September 2015
Benchmark price for an apartment property is $511,800
23.5% increase from September 2015
0.5% decrease from August 2016
Apartment property sales totaled 1,218
20.3% decrease from September 2015
Benchmark price for an attached unit is $677,000
29.1% increase from September 2015
0.1% decrease from August 2016
Attached property sales totaled 369
32.2% decrease from September 2015
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
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