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  The real estate sales stats from Metro Vancouver seems slightly better than September’s but still weak. The October sales number is 34.9% below last October, while the September numbers were 43.5% below last September. The October sales were 26.8% below the 10-year October average which is better than September’s sales which were 36.1% below the 10-year average. And most of the numbers follow this pattern. There is a 7.7% decrease in homes listed compared to September which indicates last month’s sales were able to reduce inventory. The sales-to-active listings improved for all categories: 10.3% for detached homes, 17.3% for townhomes and 20.6% for condos. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for sustained

The September numbers are in and it is showing further deterioration. We have not found a bottom yet. While September usually provides a boost of activity due to the end of the summer vacation period, this lack of activity does not bode well for the rest of the year. The September sales are 43.5% lower than last September and 36.1% below the 10-year September average. The September sales-to-active listings ratios are lower than the August ratios in all categories. By property type, the ratio is 7.8% for detached homes, 14% for townhomes, and 17.6% for condominiums. Though analysts generally say a ratio below 12% for a sustained period will put downward pressure on home prices, it is a very rough gauge. Though condominium’s sales-to-active listing

The August numbers continue to slide. The August sales were 36.6% lower then last August and 25.2% below the 10-year August average. The sales-to-active listing ratio are lower across all categories. 9.2% for detached homes, 19.4% for townhomes and 26.6% for apartments. While generally speaking, a ratio below 12% for sustained periods will put downward pressure on price, the benchmark prices across all three housing categories have declined for two consecutive months! Apartments never dropped below 20% but their prices have gone down as well. Since May detached houses have dropped 2.8%, attached properties have dropped 0.8% and apartments have dropped 1.6%. The big question is “Have we hit the bottom?”. While some suggest more price deterioration, the BC Real Estate Association says that based

The July real estate numbers for Metro Vancouver continues to deteriorate. The sales  number for this past July is the lowest since year 2000. That means more homes were sold in the July just after the financial crisis. This is a 30.1% decrease from last year and 29.3% below the 10 year July average. And for the first time in a long time, the month over month benchmark price index for condos actually dropped. The number of listing available has increased 32% compared to last July. The sales-to-active listings ratio for July is lower than June’s for each property type. It is 9.9% for detached homes, 20.2% for townhomes and 27.3% for condominiums. While between 12% and 20% is considered balanced, the price change over

 The real estate market continues to slow down. Inventory has built up to a 3 year high in June. Though the number of new listings is slowing down, it has not kept pace with the slow down in sales volume. In June the sales were 28.7% below the 10-year June sales average. It was a drop of 37.7% from June of last year. The sales-to-active listings for June for detached homes is 11.7%, for townhouses is 24.9% and for condominiums is 33.4%. Below 12% is supposed to put downward pressure on price while above 20% there is upward price pressure. Looking at the 12-month benchmark price change doesn’t tell the whole story because the enormous gains 12 month ago masks the price trend happening now.

The Bank of Canada held its overnight rate at 1.25% at its May 30th meeting. Most believe Canada will raise it rates two more time this year. However, a lot depends on all the trade talks going on. If it wasn’t for that, the Bank of Canada might have already raised rates again. In terms of the real estate market, the sales numbers are depressed again. Overall sales have dropped 35.1% when compared to last May and 19.3% below the 10-year May sales average. The total number of properties listed on the MLS system is 38.2% higher than last May and 15% higher than April 2018. So, the inventory is building quickly. When broken down by property type, detached properties continue to be the weakest.

Recently a global survey has ranked Vancouver’s luxury market as the second worse performer in the world and worse in North America. It has fallen 7.6% over the 6 months ending this March. Note they are referring to properties that are 3.5M and over, so it is not a market most of us are looking at. It is true that the overall market is slowing. The sales-to-active listings ratio for all property types (detached homes, townhomes and condos) are all down from last month. Respectively, they are 14.1%, 36.1% and 46.7%. Generally, somewhere between 15% and 20% is considered a balanced market. While the market is slowing the prices have only dropped for detached properties. Detached homes have dropped 0.2% since last month and up

According to the stats released by the Real Estate Board of Greater Vancouver, the market has slowed down considerably. Home sales in March of 2018 is 29.7% lower than 2017 level and is 23% below the 10-year March sales average. As the market digest the slow down, new listing has decreased as well. Compared to March 2017, new listings decreased 6.6%. The total number of listings have increased 10.5% compared to a year ago and 7.1% compared to last month. This means what is in inventory is taking longer to sell; thus, with lower new listings, the inventory is still growing. A price drop? Maybe, especially for detached homes. The sales-to-active listings ratio by property type is 14.2% for detached homes, 39.9% for townhouses and

The biggest real estate news last month was the Provincial budget announced February 20th. There were many initiatives aimed at the real estate market. The key points that relate to the real estate market are covered below. Many of the details of how these plans will be implemented are not yet available and it will be these details that determine whether these plans are successful. The speculation tax coming in Fall of 2018 is the most controversial. It is going to be at 0.50% in the first year and 2% in 2019 based on the value of property. Only principal residences and long-term rented properties are exempt. The tax applies to homes in Metro Vancouver, the Fraser Valley, the Capital and Nanaimo Regional Districts, Kelowna and West Kelowna. The