You’ve probably heard the news in the headlines already. Detached home sales are down by a whopping 44% in Vancouver. The 14% sales ratio we have puts us firmly in a buyer’s market when it comes to these homes. We’re seeing the exact opposite occur in the condo market. To learn more about both, watch this short video.
A Snapshot of Our Current Market and a Look at Our Recent Tax Changes
Today I want to recap our February 2018 market and share the latest on what’s happening with our BC budget. Overall, last month’s sales across Metro Vancouver were down 14.4% below the 10-year February sales average. The active-to-sales ratio was 14% for detached homes, 37.6% for townhomes, and 59.7% for condominiums. Because of the new tax changes introduced by the BC government, these statistics could look quite different for the rest of 2018. To find out more, watch my latest video.
Posted in: Home , Market Update , Vancouver , Vancouver Home Buyer , Vancouver Home Seller , Vancouver Real Estate
Now that fall is upon us, I’d like to take a look back at how our Central Vancouver real estate market fared over the month of September.
To start off, the detached housing market had a 14% sales-to-actives ratio. This is about 1% less than last month.
The reason this market hasn’t seen any increase in prices or activity is that total listing inventory has increased 36% since August. These factors are a strong indicator that we’re in a buyer’s market.
Let’s turn our attention to the condominium market. In that market, there was a 59% sales-to-actives ratio. This is about 11% less than last month.
The condo market is still red hot. Inventory is about 29% lower than last year and there are a lot of multiple offer situations taking place.
With all of this being said, I’m starting to notice my clients looking to sell their condos and buy detached homes instead.
Condo prices can only rise so much and the detached housing market is experiencing a temporary slowdown, so this is a great strategy.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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