8 Sep

Residential sales – and values – slump further in Metro Vancouver

Latest News

Posted by: Ethel Lariviere

Although a lull in the residential sector is expected in August, last month showed a particularly sluggish market, as the latest Real Estate Board of Greater Vancouver data reveals.
This slowing of sales is combining with a rise in active listings to give a much more balanced market for buyers than was seen in the past few years. However, it varies by property type, with a market favouring buyers at 9.2% in the detached home sector, townhomes just creeping into a balanced market at 19.4%, and condos still in a seller’s market at 26.6%.
Phil Moore, REBGV president, said, “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. Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”
Home prices have been sliding since May this year, although they remain a little higher than a year ago. The composite benchmark price for all home types in Metro Vancouver is currently $1,083,400, which is 4.1% more than in August 2017 but a 1.9% decrease since May.
As ever, markets vary wildly depending on both the home type and area – and for buyers looking to get into a detached home, the market is certainly improving. There were just 567 sales of single-family homes in the region in August, a 37.1% decrease from the 901 detached sales recorded in August 2017.
Detached houses are the only property type to see benchmark prices now standing at lower than one year ago. The benchmark price for detached properties is $1,561,000, which is a 3.1% decrease from August 2017.
Again, though, it also depends where you are.