Vancouver Housing Market Update – October 2018 – Supply Up, Demand Down

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With a 36% increase in the number of homes hitting in the market in September compared to August 2018, there is a huge amount of choice out there for buyers.

However, home buyer demand remains below typical levels for this time of year. This is having a negative reaction on the total number of sales we are seeing – 36.1% down from the 10-year September sales average.

A deeper look at Detached, Townhomes and Apartments gives us a better idea of where the changes are most drastic.

Detached

During September this year, there were 508 sales which was a 40.4% decrease from the 852 sales seen in September 2017. Sale price also saw a decrease, with the benchmark price for detached properties sitting at $1,540,900 a 4.5% decrease from September 2017 and a 3.4% decrease over the last three months (June, July, August)

Townhomes

Townhome sales in September 2018 were also down, from 518 sales in September 2017 to 275 in September 2018 – a 47% decrease.
However, the benchmark price for townhomes across Vancouver compared to September 2017 increased by 6.4%. Although, there was a slight decrease over the last three months (2% over June, July, August). The benchmark price of an townhome is currently sitting at $837,600.

Apartments/Condos

Sales of apartments reached 812 in September 2018, a 44% decrease compared to the 1,451 sales in September 2017.
There has been a 7.4% increase from September 2017 and a 3.1% decrease over the last three months with the benchmark price of an apartment currently at $687,300.

Generally speaking, downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type:

7.8 per cent for detached homes
14 per cent for townhomes
17.6 per cent for condominiums

Check back in early November for an update on the Vancouver housing market, and an in depth look at the facts and figures from October 2018.

Tags: Market Update, Vancouver Housing Market, Vancouver Housing Stats

Stilhavn

posted on 2 November 2018

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