So the August 2018 Real Estate Numbers are out now, Today I am going to dive deep into what these numbers mean in the Greater Vancouver Market and highlight which area you should think about buying. 

Hi I am Alex Lam from Royal Pacific Realty, and  oh yeah this is Canadian content eh?  If this is the first time you are here, and you are interested in all things real estate in the Vancouver area, be sure to hit that subscribe button and that little bell.  I post new Videos every Tuesday and Friday.

Last month’s sales in August was 25.2 per cent below the 10-year Aug sales average.  The market in general has fewer active buyers, we’re seeing less upward pressure on home prices across the region. This is especially in the detached home market.   Demand in the townhome and condos are also down significantly from the years past.

Overall the residential active to sales ratio is at 16.3% which means that for every 100 properties forsale only 16 sell.  Broken down by property type Detached homes across metro vancouver at are 9.2% active to sales, Condos are at 26.6% and townhomes are at 19.4%.  Prices are usually start dropping when the active to sales ratio dips below 12 % mark for sustained periods of time. 

Inventories in general have increased 24.5% percent over all property types compared to last year.  That is a big increase in inventory. Broken down by property type we see detached homes with a inventory increase of 7%, Condos at 62% increase, and Townhomes with a 44% inventory increase. 

 Speaking to Most buyers and sellers,  Sellers will only sell if they really need to, but most are pretty secure with their financial situation. And Buyers will only buy when the price is right.  Some sellers will intentionally lower their price to look very attractive to get alot of viewings, but when a buyer writes an offer, they will not accept anything lower than asking price.  This seems deceptive but it doesn’t break any rules.  So lots of funny things are happening out there, so be careful.     

Looking at the home price index across metro vancouver, detached homes are at a benchmark price $1,561,000 million which is a 2.8% decrease from last month.  Condo benchmark is at $695,000 which is a 1.6%  decrease in price since last month.  And townhomes are at $846,000 with is a 0.8%  decrease compared to last month.  

So do I see a trend here?  Which areas have dropped the most?  The best thing to do is to look at 3 month price trends, this way you can firmly see a solid direction.  

For detached homes, West Vancouver had the biggest price change over the last 3 months from a benchmark price of $2.8 million

 million with a decrease of 6.2%, Followed by Squamish with benchmark price of 1 million with 5.7% decrease and North Burnaby with a benchmark price 1.5 million

also at 4.7% decrease.  

For Condos the biggest price drop is again was West Vancouver with a benchmark price of 1.19 million at 7.1% decreases followed by Pitt Meadows with a benchmark price of $527,000

at 3.8% and Maple ridge $374,000 with a 3.1% decrease.  

For Townhomes, Vancouver East had a  benchmark price of $894,000 with a 3.4 %  decrease over 3 months, followed by Port Coquitlam with a benchmark price of $667,000 with a 3.2% decrease followed by Vancouver West at 1.26 million with a 2.8% decrease.     

So if I was a buyer I would look in those areas.  The market is definitely changing and to the buyers advantage.   Prices have dropped in most areas but not very much.  Please view the description to download the full stats package.  Its always a good idea to know whats going on with the market.

Question of the day, Would do you think the prices are heading the greater vancouver market?  Up or Down?  Answer in the comments below.  I will make it an effort to personally respond to all the comments.   If you are in the market to sell or buy I have linked up a playlist of helpful tips in the description below.

If you like this video please give it a thumbs up and subscribe. I will be posting new market update videos every Friday for different areas across metro vancouver, and educational real estate tips every Tuesday.  This is Alex Lam from Vancouver and thanks for watching this video eh??   

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So the June 2018 Real Estate Numbers are out now, Today I am going to dive deep into what these numbers mean in the Greater Vancouver Market.  With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver* reached a three-year high in June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.

Last month’s sales were 28.7 per cent below the 10-year June sales average.
“Buyers are less active today. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 per cent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 per cent decrease compared to May 2018 when 6,375 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 per cent increase compared to June 2017 (8,515) and a 5.8 per cent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.

“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”

For all property types, the sales-to-active listings ratio for June 2018 is 20.3 per cent. By property type, the ratio is 11.7 per cent for detached homes, 24.9 per cent for townhomes, and 33.4 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,093,600. This represents a 9.5 per cent increase over June 2017 and is virtually unchanged from May 2018.

Sales of detached homes in June 2018 reached 766, a 42 per cent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 per cent increase from June 2017 and a 0.6 per cent decrease compared to May 2018.

Sales of apartment homes reached 1,240 in June 2018, a 34.9 per cent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 per cent increase from June 2017 and a 0.4 per cent increase compared to May 2018.

Attached home sales in June 2018 totalled 419, a 37.3 per cent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 per cent increase from June 2017 and is virtually unchanged from May 2018.

So the results of the figures are obvious here, detached homes will continue to see softening in pricing, for condos and townhomes we still have an active market, but if demand continues to decrease and inventories continue to increase at the same rate as it has since May 2017 we should see a buyers market for condos and townhomes by the end of the year.

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Realtor Servicing: Vancouver, Burnaby, Surrey, Richmond, North Vancouver, West Vancouver, ,Coquitlam, Langley.

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Did you notice that the interest rates increased? Did you see that it was only for certain lenders? I am talking today about which lenders increased their rates and which didn’t as well as what happened in our local, Vancouver market. A 17-year low was created in the housing market. To find out more, watch my short video.
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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.
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