What goes up, must come down... 

...at least for a little while! This is what we are experiencing in our local market of late. Compared to last September, total sales volume is down roughly 44% across the board. After years of double-digit price increases, tighter Provincial Government restrictions and a new mortgage stress-test have, predictably, cooled demand. What does that mean for buyers and sellers?

This sounds like it should be benefiting buyers quite significantly as they are seeing many more purchasing options, less competition for homes and lower prices... However, while the number of home sales has declined, the price of homes in many areas has not changed much at all - in fact, the median price for all product types has increased 1% from September 2017.

Sellers are seeing their homes sit on the market longer than they expect, meaning active listings are up 46% over last year. But it doesn't seem like the longer sales cycle is pushing prices down very quickly, as many sellers are determined to wait out the market.

Sound confusing? It is! Demand, pricing and sales vary widely between neighbourhoods. Ask us for your detailed neighbourhood report!

Your Detailed September 2018 Market Stats

Housing Supply

The supply of homes for sale continued to increase across the Metro Vancouver housing market in September, while home buyer demand remained below typical levels for this time of year.

Residential property sales in September 2018 were 43.5% below September 2017, and 17.3% below August 2018, continuing a downward trend we've seen for the past several months.

Sales Ratio

For all property types, the sales-to-active listings ratio for September 2018 is 12.2% – meaning only about 12 out of every 100 homes listed actually sold. This indicates that we are in a Buyer's Market. By property type, the ratio is 7.8% for detached homes, 14% for townhomes, and 17.6% for condominiums.

Total Sales

Detached Properties – Total sales of detached properties in September 2018 reached 508, a 40.4% decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5% decrease from September 2017 and a 3.4% decrease over the last three months.

Apartments & Condos – Sales of apartment properties reached 812 in September 2018, a 44% decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4% increase from September 2017 and a 3.1 per cent decrease over the last three months.

Attached Properties – Attached property sales in September 2018 totalled 275, a 46.9% decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4% increase from September 2017 and a two per cent decrease over the last three months.