The Vancouver housing market is in constant fluctuation. Here are the current stats that show how the market is in favour of those prospective buyers.
The month of March was the slowest March in the Vancouver housing market since 1986! That’s over 30 years. Prices have shown a bit of a decrease as well.
According to analysts generally when the sales-to-active listings ratio is around 12% or less for a period of time this creates downward pressure on housing prices. As a result you will see price drops in the Vancouver Real Estate market. When the sales-to-active listings ratio is upwards of 20% or higher for a period of time, this will create upward pressure on home prices. Remember the multiple offer scenario that was 2017, where homes were being sold for more than they were advertised for?
Straight from the Real Estate Board of Greater Vancouver
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.
Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.
Are these statistic skewed?
More and more people are continuing to move to the Greater Vancouver area, and yet the Vancouver housing market is seeing a bit of a slump in regards to prices and home sales, how is this so? If the population is continuing to expand, wouldn’t it make sense that the housing market would expand too? If we look over a longer period of time, which should be done for Real Estate since realistically it is a longer term investment, the market has been on an upward trend. Ideally real estate is not something that you buy one month and sell the next.
Interested to see the stats from a few years ago? Check out out blog here regarding the Vancouver real estate market in November 2015 to see how things have changed!
“Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced,” Ashley Smith, REBGV president said. “For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”
“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.” REBGV
Sales of detached homes March 2019
Sales of detached homes in March 2019 reached 529, a 26.7 per cent decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019.
Sales of apartments March 2019
Sales of apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.
Sales of detached homes March 2019
Attached home sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.
For further information about the real estate market in Vancouver and current trends, contact Top Vancouver Realtor Leo Wilk.