There is no doubt that the market has changed. Houses we listed in the Spring would not sit on the market for more than a week, now sitting on the market for 30-60days is the new normal. Many Realtors in our office are double checking that our phones still work! We joke about it but truly the phones are not ringing like they were earlier this year.
So if you ask us the question "Has the market changed since the recent government implementations & the mortgage tightening rules?" the answer is YES! While sales are down across the different property types, it's the detached market that has seen the LARGEST reduction in home buyer demand. (down 54.6% in sales over Oct 2015)
Those changes have put potential buyers & sellers in a lets wait-and-see mode.
Check out the facts:
Although we work in many areas of the Greater Vancouver market, the North Shore is where we live so here are the stats:
NORTH VANCOUVER
Detached Home Benchmark $1,658,400
1yr change +34.7%
3yr change +74.1%
5yr change +78.9%
Townhouse Benchmark $842,300
1yr change +25.7%
3yr change +46.3%
5yr change +43.0%
Apartment Benchmark $451,600
1yr change +18.4%
3yr change +29.4%
5yr change +37%
West Vancouver
Detached Home Benchmark $3,210,100
1yr change +29.6%
3yr change+70.2%
5yr change+79.3%
So if you ask us the question "Has the market changed since the recent government implementations & the mortgage tightening rules?" the answer is YES! While sales are down across the different property types, it's the detached market that has seen the LARGEST reduction in home buyer demand. (down 54.6% in sales over Oct 2015)
Those changes have put potential buyers & sellers in a lets wait-and-see mode.
Check out the facts:
- Residential Property Sales (total for region) -38.8%
- Listing Count 9.5% below the region's 10 year average (still low inventory)
- Detached Properties Sales -54.6%
- Apartments Sales -23.7%
- Townhome Sales-39.5%
- Sales to active listings ratio for October is 24.4% (this number is decreasing every month as changes move forward - we are heading into a Buyers market)
Although we work in many areas of the Greater Vancouver market, the North Shore is where we live so here are the stats:
NORTH VANCOUVER
Detached Home Benchmark $1,658,400
1yr change +34.7%
3yr change +74.1%
5yr change +78.9%
Townhouse Benchmark $842,300
1yr change +25.7%
3yr change +46.3%
5yr change +43.0%
Apartment Benchmark $451,600
1yr change +18.4%
3yr change +29.4%
5yr change +37%
West Vancouver
Detached Home Benchmark $3,210,100
1yr change +29.6%
3yr change+70.2%
5yr change+79.3%