May sees modest increase in home sales while housing supply reaches five-year high

Monthly *Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019.

Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.

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Prospective home buyers remain on the sidelines in March

Sales volume is at the lowest since 1986. It’s no doubt an interesting/infuriating time. Sales to listing ratios convey a Sellers market for the condo and townhouse segments. But we know how buyers are not acting with urgency. The sellers (en masse) are holding out on substantial price reductions which is keeping prices up, but buyers out.

Something has to give. The province has promised a balanced budget with the PTT revenues keeping on par with 2018 – we know that’s total B.S., right? Look for the province and federal government to reverse course on their interventions. How soon, who knows? But it can’t be this way for much longer.

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Home listings increase while buyers remain in holding pattern

Home listings continue to increase across all housing categories in the Metro Vancouver housing market while home buyer activity remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.

Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009. Continue reading

Metro Vancouver home sales decline below historical averages in 2018

Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Last year’s sales total was 25 per cent below the region’s 10-year sales average. Continue reading

More supply and less demand seen across Metro Vancouver housing market

I was surprised to see that September had fewer sales than August – it is usually a rebound month from the typical summer slowdown. With the substantial decrease in sales volume comes a slight drop in prices in all categories of properties. I don’t see a big jump in sales activity on the horizon, and the question is – will this “softening” of prices continue or turn into a full-on crash? Part of the answer depends on any future interference from the different levels of government, and part is on the shoulders of sellers and if they decide to bail out or hold on. Any questions please let me know, I’m always here to help you achieve your real estate goals.
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Home buyer demand stays below historical averages in August

August activity continued to be very slow, with fewer sales than in July and price drops in all main categories of homes. I do expect the volume sales and new listings to pick up in September, but Sellers shouldn’t be trying to set new price points. Buyers will still have to compete for the best properties but must continue to exercise self-control and restraint when it comes to offer prices. I’m starting to see more listing agents offer higher commissions to attract buyer agents to their properties, which is fair game. Buyers need to remain in control of their decisions and make sure they have all the information they need to make the right choices.

Click here for the REBGV report.