IT'S A BUYERS MARKET!
Prices remain relatively stable although residential property sales in Greater Vancouver remained at a 10 year low in July.
People appear to be cautious about making a significant financial decision at the moment. Our local economy seems to be quite robust, there is some concern about the impact of international markets and the federal government tightening of mortgage regulations.
July had the lowest amount of new listings this year and the lowest recorded since the year 2000. With a sales-to-active listing ratio of 11.6%, conditions favor buyers. Comparatively when the sales-to-active listings ratio dips between 10% - 12% analysts say downward pressure on home prices occur that we are in a buyers market. In contrast when a sales-to-active ratio of 20%-22% occur for a sustained period of time prices begin to rise.
This means that for buyers they have more selection and more time to make a buying decision. One thing is for sure, the market will go up, the market will go down and not necessarily in that order!
Here are the stats for North & West Vancouver
Detached Homes Benchmark Price $963,000
1 year change up 5.1%
3 year change up 20.6%
5 year change up 13.9%
Townhouse Benchmark Price $597,500
1 year change up 3%
3 year change up 11.7%
5 year change up 8.3%
Apartment Benchmark Price $350,500
1 year change up 2.3%
3 year change up 8.5%
5 year change up 3.3%
Detached Home Benchmark Price $1,909,400
1 year change up 5.9%
3 year change up 45.2%
5 year change up 26.8%
Apartment Benchmark Price $614,200
1 year change down -1.3%
3 year change up 6.8%
5 year change down -5%