We’ve got a lot to cover with you today. As we head toward the end of the year, I wanted to make sure you were aware of what’s going on in the Vancouver real estate market right now. I took a look at the numbers for both detached homes and condos and broke them down for you. I also have a few predictions about what we’ll be seeing in the market in 2018. To learn more, watch this short video.
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.
What Do Changing Interest Rates Mean for You? The central bank recently raised the benchmark interest rate for the first time in seven years. What does this mean to you? For one, the rate increase reflects consumer confidence in our economy. Plus, if you’ve been thinking about making a move, you may want to get in the market sooner rather than later. To find out why, watch this short video.