Summer is traditionally a quieter time of year in real estate, and this summer has been no different. July’s residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000, with sales down across the board between detached, townhouses and condos.
“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”
For all property types, the sales-to-active listings ratio for July 2018 is 17.1%. By property type, the ratio is:
– 9% for detached homes
– 2% for townhomes
– 3% for condominiums
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
There are still some great opportunities in the market for people looking to sell or buy.
– Moving Up – It’s a great time to move up from condos and townhomes into a detached home, with increased inventory and narrowing price gaps.
– Going East to West – If you are considering moving East to West, now is a great time to do so. Good quality homes on the East side are maintaining their value while homes on the West side have seen price decreases.
– Attached Prices Near their Peak – Attached product is nearing its pricing peak, so now is a good time to sell, especially if you are thinking of moving into a detached single family home.
– Inventory – There is an increase in inventory as the market has shifted from a Sellers market to a Buyers market, giving buyers more choice and time to find the right home.
– Low Interest Rates – Currently, interest rates are still considerably low, but are forecasted to go up in the near future, so it’s a great time to purchase and lock in a low rate.
Give us a call today if you have any questions in regards to the market or want to move forward with your real estate needs! Our team would be more than happy to give you FREE home consultation or set you up on a property search. It’s Better With Team Kerr on Your Side.
If you’re interested in seeing the full market reports, sign up for our Newsletter to receive more in-depth analysis and stats on all the neighbourhoods in the Lower Mainland.
*REBGV Editor’s Note: Areas covered by the 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, Pitt Meadows, Maple Ridge, and South Delta. Visit rebgv.org for all of the detailed comparisons.
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