All housing types are continuing to see reduced demand as was made clear in the August 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV). August 2018 sales were 25% below the 10 year August sales average.
“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”
There were only 1.929 residential property sales registered in August 2018 for the region. The same period last year registered 3,043 sales and July 2018 registered 2,070 sales.
– The number of detached properties sold was 567, 334 units less than what was sold in August 2017.
– The number of apartments sold was 1,025, 588 units less than what was sold in August 2017.
– The number of attached properties sold was 337, 192 units less than what was sold in August 2017.
In August, there were 3,881 new listings of detached, attached and apartment properties added to the Multiple Listing Service (MLS) in Metro Vancouver.
This was an 8.6% decrease compared to the 4,245 homes listed in August 2017, and an 18.6% decrease compared to July 2018 when 4,770 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).
This ratio gives a better understanding of the relationship between supply and demand in the market. Downward pressure on home prices can occur when the ratio dips below 12% for a sustained period, and home prices can experience upward pressure when the ratio is above 20% for sustained periods.
For all property types, the ratio in August was 16.3%. When broken down by property types, the ratio was:
– 9.2% for detached homes – still firmly in buyer market territory.
– 19.4 % for townhomes – remaining in seller market territory, but gradually moving towards buyer market territory.
– 26.6% for condominiums – in seller market territory, but also trending towards buyer market territory.
In August, the MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,083,400. This was 4.1% higher than August 2017 and a 1.9% decrease since May 2018.
“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.
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