MARKET UPDATE- OCTOBER 2018

SALES REMAIN BELOW LONG- TERM HISTORICAL AVERAGES FOR OCTOBER IN METRO VANCOUVER 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region in October 2018 has decreased by 34.9% from the sales records from October 2017.

According to Phill Moore the REBGV President, the supply of homes for sale today has returned to levels that allow home buyers a larger selection homes to choose from however for sellers, this shift in the market could potentially increase the competition among homeowners.

In October 2018, there were 4,873 homes newly listed for sale which represents a 7.4% increase compared to the number of homes listed in October 2017 and 7.7% decrease compared to September 2018.  The MLS System in Metro Vancouver is recording a 42.1% increase in the total number of homes currently listed- 12,984 in October 2018 Vs 9,137 in October 2017 & a 0.8% decrease compared to September 2018. Overall the sales to the active listing ratio for October 2018 is 15.1 % with detached homes recording the lowest sales to the active ratio at 10.3% followed by townhomes at 17.3% and condominiums at 20.6%. Experts generally call a period in which the ratio dips below 12% a buyers market while homes that experience upward pressure surpassing 20% are called a seller’s market.

 

Phill states that this shift allows little relief for those looking to buy in today’s market compared to the hot market of the past year, as prices have decreased by 3-5% depending on housing type. The composite benchmark price according to the MLS home price index for all residential homes in Metro Vancouver is currently $1,620,100. This is a 3.3% decline over the last three months however, a 1 % increase over October 2017.

Sales of detached homes have decreased in comparison to the previous year- 637 homes in October 2018 verses 940 in October 2017. The benchmark price for detached properties has also decreased by 3.9% over the last three months, down to $1,524,000.

Sales of apartments decreased by 35.7% down to 985 sold apartments compared 1,532 sales in October 2017. The current benchmark price for condominium is $683,500. This actually represents a 5.8% increase in comparison to October 2017 however, there has been a 3.1% decrease over the last three months.

Attached home sales in October 2018 have also fallen by 30.5% from 550 sales in October 2017 from 344 in October 2018. Attached homes sit at a benchmark price of $829,200, a 2.8% decrease over the last three months however there has been a 4.4% increase from October 2017.

 

 

 

The current market offers great opportunities for Buyer’s to secure a home, as well as a great opening for sellers to save time and make the most money.

We listed the best bets for both buyers and sellers in Metro Vancouver below.

BEST BET FOR BUYERS 

 

Vancouver Downtown (Attached)

  • Homes between $2 mil to $2.25 mil, Coal Harbour, Yaletown, and 3 bedroom properties

 

Vancouver Eastside (Attached)

  •  Homes between $1.25 mil to $1.5 mil, Renfrew and minimum 4 bedroom properties

 

 Vancouver Eastside (Detached)

  • Homes between $2.25 mil to $3 mil, Collingwood, Hastings East, and minimum 7 bedroom properties

 

Vancouver Westside (Detached)

  • Homes between $4 mil to $4.5 mil, Marpole and minimum 7 bedroom properties

 

BEST BET FOR SELLERS 

 

Vancouver Downtown (Attached)

  • Selling homes in the Westend and up to 1 bedroom properties

 

 Vancouver Eastside (Attached)

  •  Selling homes in Fraser, Grandview, Knight, Main and 2 bedroom properties

 

 Vancouver Eastside (Detached)

  •  Selling homes in Mount Pleasant, Victoria and up to 2 bedroom properties

 

 Vancouver Westside (Detached)

  •  Selling homes in Quilchena and 3 to 4 bedroom properties

 

 

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for October 2018. 

info@leeandpete.com

Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

 

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