Housing supply up, demand down across Metro Vancouver

July was a very quiet month for sales activity in the Lower Mainland. Sales were down from June but new listings were also down. Both Buyers and Sellers are sitting back a bit to see where things are going. If you are choosing to sell in this market your home will need to show it’s best. It’s time to fix all the little things and polish everything. Expect offers to reflect the need for maintenance & repairs – and the amount a buyer will try to reduce your price by will outweigh the real cost of these items. Sales ought to pick up in September – they historically have. But the external pressures the government and banks have implemented to control the market have not been seen before so we’re really venturing into unknown territory. Average sales prices in all categories of homes were down in July for the first time in a long while. Is this due to the summer “dog days”, or is it the start of prices sliding downhill? Please contact me if you have any questions or if you want to talk about selling or buying in this market.

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