August 2018 Greater Vancouver Real Estate Market Update
Dan Wurtele
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
Greater Vancouver Real Estate sales have greatly declined over the past 6 months.
August saw a 36.6% decrease in sales volume compared to August 2017.
This followed similar decreases in July at 37.7%, June at 37%, May at 35%, April at 27% and March at 30%.
New Real Estate taxes, the stress test, rising interest rates and high prices are among the factors dampening recent home buyer activity.
Of the homes that are selling, around 80% of them are under the $750,000 price point.
Pre Sales continue an above average sale rate with a 44% sale rate in August.
The Langley area led the way in sales with a 73% absorption rate.
Overall, inventory is at a 5 year high.
As a buyer, you have more supply to choose from than you've had in over 5 years. The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms.
As a seller, make sure you are working with a professional Realtor who knows how to market your home extensively to maximize its exposure. Some properties are still selling in the first week in multiple offers. Work with someone who can help get the results you are looking for.
As an Investor, you know we are in the early stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.
Breaking It Down By Housing Type
DETACHED HOMES
Sales of detached properties in August 2018 reached 579, a -36.7% decrease from August 2017. The benchmark price for detached properties is $1,561,000. This represents an -3.1% decrease from August 2017.
TOWNHOMES
Sales of Townhomes in August 2018 reached 295, a -36.8% decrease from August 2017. The benchmark price for detached properties is $846,1000. This represents an +7.9% increase from August 2017.
CONDOS
Sales of Condos in August 2018 reached 1,031, a -36.2% decrease from August 2017. The benchmark price for condo properties is $695,500. This represents an +10.3% increase from August 2017.
