Vancouver Region - Buyers Market
Fewer home sales and listings in 2018
- Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.
- The Real Estate Board of Greater Vancouver reports that residential home sales totalled 2,517 in March 2018,
- This is a 29.7 per cent decrease from the 3,579 sales recorded in March 2017
- However, this is a 14 per cent increase compared to February 2018 when 2,207 homes sold.
- Last month’s sales were 23 per cent below the 10-year March sales average.
- There were 6,542 home sales on the MLS listing service in Metro Vancouver during first quarter of 2018
- This is a 13.1 per cent decrease from the 7,527 sales over the same period last year.
- This represents the region’s lowest first-quarter sales total since 2013.
- Overall there is less demand from buyers and fewer homes are listed for sale in the first quarter of 2018.
- Factors affecting sales includes: High prices, new taxes, rising interest rates, and stricter mortgage requirements.
- This represents the region’s lowest first-quarter new listings total since 2013.
- Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low. March was the quietest March for new home listings since 2009
- Total inventory in the condo and townhome segments, of homes for sale remains well below historical norms.
- Sales-to-active listings ratio for March 2018 is 30 per cent.
- Ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 per cent for condominiums.
- Downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period
- Upward pressure occurs with home prices occurs when it surpasses 20 per cent over several months.
- MLS® Home Price composite benchmark price for all residential properties in Metro Vancouver is $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase over February 2018.
- The benchmark price of an apartment property is $693,500.
- This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase over February 2018.
Feel free to contact me for more detailed information or feedback on your real estate plans.
Rick White - Sutton West Coast Mobile: 604.828.3847 eMail: firstname.lastname@example.org