Stats!
Transcript:
Home buyers have been less active in recent months and we're beginning to see prices edged down for all property types as a result realtors registered just over 1900 home sales on the MLS last month this is a 37 percent decline from the same period last year and it's 25 percent below the ten-year August average the level of year-over-year declines and sales is a trend we've been seeing since the beginning of the year rising interest rates high home prices and government interventions like the increased mortgage requirements have made it more difficult for buyers to enter the market buyers today have more selection to choose from and face less competition than we've seen in our market in recent years the supply of homes for sale is on the rise there were about thirty-nine hundred homes newly added to the MLS in August bringing the total number of homes currently for sale to just over eleven thousand eight hundred as you can see here in 2016 and 2017 the total number of homes for sale never peaked above ten thousand this year however home inventory has increased about twenty percent from those low points like all markets home prices are dictated by supply demand we measure this by looking at the total number of inventories of homes for sale and comparing it to the total number of sales during the month with call this the sales to act of listing ratio downward pressure and home prices can occur and the ratio dips below the 12% mark a home prices can experience upward
pressure when it surpasses 20% for sustained periods the ratio for allproperty types across Metro Vancouver today is 16% which suggests a balanced market broken down by property type wesee detached homes are in buyers market territory townhomes and condos remain in seller's market territory but are trending towards a balanced market with fewer buyers active in the market Metro Vancouver home prices have declined for two consecutive months across all housing categories detached home prices have declined 3% over the last year while prices for townhomes and condos are higher than last year we've seen modest price declines in both categories since June conditions within Metro Vancouver's housing market are changing whether you're buying or selling a home it's important to work with your local realtor they can help you navigate today's market realities further housing information go to the news and statistics section of this website
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