With a sales-to-active property listings ratio of 15%, the Greater Vancouver housing market continues to hover at the lower end of a balanced market, according to the latest findings of the Real Estate Board of Greater Vancouver (REBGV). The market “has been trending in that direction over the past five months,” states the Board.
While different regions and real estate products across the Greater Vancouver region may be seeing this, for condos it actually has been a buyers’ market for some time now, a fact that gets camouflaged under the strength of other sectors of the market.
Residential property sales in October across all sectors on the region’s Multiple Listing Service® (MLS®) system rose 3.2% to 2,317 compared to September, noted the REBGV. However sales actually declined 1% compared to October 2010 and rank as the second lowest total for October over the last 10 years.
Although fall is generally our second busiest time of year, the slowdown in September and October indicates that the market is signalling opportunities for anyone thinking of buying, as sellers become increasingly motivated to move their properties.
Rosario Setticasi, REBGV president acknowledges the sentiments of a slower market. “Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions… Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
I encourage buyers to make a deal ,because you don’t make a market when you buy! In other words, don’t wait for some glorious signal that the market is bottoming out. Shop for an opportunity and GO FOR IT, because the market can turn around and start to move again at any moment, and you may miss out on some good opportunities that are “here today and gone tomorrow”!
Currently 15,377 properties are listed for sale on the MLS® for Metro Vancouver. This represents 9.3% more than 2010 at the same time of year. As well it is interesting to note that October signalled the first month this year where the total number of property listings decreased.
The MLSLink® Housing Price Index (HPI) benchmark price which tracks all residential properties in Metro Vancouver has increased 7.5% over the past year to $622,955 in October. Keep in mind however, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has fallen away from the peak 1.3%. The market never continues in one direction for ever and these number confirm that.
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