Sellers and Buyers Face Changing Market
Metro Vancouver home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014. Total home sales in September 2016 saw a decrease of 32.6% from September 2015, and a decrease of 9.5% compared to August 2016.
Last month’s sales were 9.6% below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
The sales-to-active listings ratio for September 2016 is 24.1%. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20% to 22% range in a particular community for a sustained period.
“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result….”
- Sales of detached properties in September 2016 saw a decrease of 47.6% from the sales recorded in September 2015.
- Sales of apartment properties in September 2016 saw a decrease of 20.3% compared to the sales in September 2015.
- Attached property sales in September 2016 saw a decrease of 32.2% compared to the 544 sales in September 2015.
September 2016 Single Detached Home Benchmark Price:
- Burnaby East $1,228,900
- Burnaby North $1,565,300
- Burnaby South $1,689,400
- Coquitlam $1,211,000
- Ladner $1,064,800
- Maple Ridge $719,900
- New Westminster $1,085,500
- North Vancouver $1,663,500
- Pitt Meadows $793,600
- Port Coquitlam $888,500
- Port Moody $1,386,200
- Richmond $1,686,300
- Squamish $787,200
- Sunshine Coast $487,500
- Tsawwassen $1,269,700
- Vancouver East $1,537,300
- Vancouver West $3,624,300
- West Vancouver $3,363,700