Vancouver Real Estate Update - Friday May 4, 2018

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...

Property sales in Greater Vancouver totalled 2,579 in April, a decrease of 27.4% from the 3,553 sales recorded in April 2017.

This marks a 17-year April low.

Last month’s sales were 22.5 per cent below the 10-year April sales average, and it followed an ever slower March were sales were down 29.7%.

The sellers are starting to come out and with the lack of buyers over the past 2 months there are now over 9,800 listings available , an increase of almost 26% over April 2017.

Condo's remain the hot item, but even those are seeing a cooling.

So, what is selling? Well, we're seeing around 80% of all transactions happening below the $800,000 mark. And generally speaking, the higher the property price, the longer it is sitting on the market.

We are seeing less offers, more options and a balance shift from the seller to the buyer.

If you've been waiting to buy because you don't like competing in Multiple Offer scenarios, or you've wanted the market to cool, or don't feel comfortable going in Subject-Free, NOW IS YOUR TIME.

Click here to view the 2,665 new listings this week.