Well, now may be the time to make that happen in Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) published a new release October 2, 2012 stating, “Conditions continue to favour buyers in the Greater Vancouver housing market.”
As the summer drew to a close, the fall home sale activity was well below historical averages in the Metro Vancouver area. The REBGV President, Eugen Klein said, “Today, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19%.”
The REBGV reported residential property sales of detached, attached and condos only reached 1,516 in September, a 32.5% drop in numbers of homes sold, compared to the 2,246 sales in September 2011, and an 8.1% drop compared to the 1,649 sales in August. The overall sales numbers for September, compared to the historic ten year average, were off by a whopping 41.6% (2,597 units). Klein also stated, “There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages…This makes homes less affordable for the people of the region.”
New listings for detached, attached and condo properties in Metro Vancouver totalled 5,321 in September. This is a 6.3% difference compared to September 2011 when 5,680 properties were listed for sale on the MLS® and a 31.6% jump compared to the 4,044 new listings counted in August of 2012. Residential property listings on the MLS® rose 14.1% to 18,350 verses the same time last year and rose 4.5% over August 2012.
Over the last three months, the MLS Housing Price Index (HPI®) composite benchmark price declined 2.3% and 0.8% compared to this time last year for all residential properties (attached and detached) in Metro Vancouver valued up to $606,100.
Not only that – but the mass media tends to fan the flames of buyers’ expectations so we find many would be buyers expect a deal from the market and expect price reductions. Klein said, “Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two.” So as the buyers and sellers sit across the proverbial table, staring each other down, and waiting for the other to make a move…the market remains cool. A cooler market tends to be the place where you can find more deals; so, if you’re looking to buy low, then now is the time to find a space you like and write a deal. Make your move!
Sales of detached properties in September, 2012 for Metro Vancouver:
– 594 units – ↓37.9% compared to 957 sales in September, 2011.
The benchmark price ↓ 0.5% from the year before to $935,600.
Sales of apartment/condo properties in September, 2012 for Metro Vancouver:
-676 units – ↓ 26.7% compared to 922 sales in September, 2011.
The benchmark price of an apartment property was unchanged from the year before at $368,600.
Sales of attached property/town homes in September, 2012 for Metro Vancouver:
-246 units – ↓ 33% compared to 367 sales in September, 2011.
The benchmark price of an attached property ↓ 2.7% from the year before to $458,600.
Source: REBGV New Release October 2, 2012