Home buyer demand stays below historical averages in August



The Metro Vancouver housing market continues to experience reduced demand across all housing types. Last month’s sales were 25.2 per cent below the 10-year August sales average.
Due to low demand and growing inventory, buyers today have more listings to choose from and face less competition than the market in recent years; therefore, benchmark prices across all three housing categories have declined for two consecutive months across the region 

Statistics:

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver for all residential properties in Metro Vancouver
  • 4.1% increase compared to Aug 2017
  • 1.9% decrease compared to July 2018 

In August 2018, the most Sales have been in the price range of:
  • Detached: $900,000 - $1.5M
  • Apartment: $400,000 - $900,000
  • Townhome: $400,000 - $900,000

In August 2018, the most growing cities have been:
  • Detached: Maple Ridge (8.3%), Whistler (8.3%), and Pitt Meadows (7.4%)  
  • Apartment: Maple Ridge (23.3%), Pitt Meadows (22.2), and Coquitlam (15.9%)
  • Townhome: Pitt Meadows (18.6%),  Whistler (14.8%), and New Westminister (13.6%)

Sales-to-Active Listings Ratio:
  • 16.3% for all property types
  • 9.2% for Single Family Homes (Absolute Buyer’s Market)              
  • 26.6 % for Condos (Seller’s Market)              
  • 19.4 % for Townhomes (Approaching Seller’s Market)              

Home Sales in Aug 2018:
      
  • Detached properties reached 567, a 37.1% decrease from the 901 sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1% decrease from August 2017 and a 2.8% decrease since July 2018.
  • Apartment properties reached 1,025, a 36.5% decrease from the 1,613 sales recorded in August 2017. The benchmark price for apartment properties is $695,500. This represents a 10.3% increase from August 2017 and a 1.6% decrease since July 2018·       
  • Attached property totaled 337, a 36.3% decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9% increase from August 2017 and a 0.8% decrease since July 2018.

Homes newly listed for sale on the MLS in Aug 2018:
      
  • 3,881 for all property types
  • 8.6% decrease compared to Aug 2017 when 4,245 homes were listed
  • 18.6% decrease compared to July 2018 when 4,770 homes were listed

Properties currently listed for sale on the MLS® system in Metro Vancouver:
  • 11,824 for all property types
  • 34.3 % increase compared to Aug 2017 (8,807)
  • 2.6% decrease compared to July 2018
 
Note: Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% (borderline of Buyer’s and Balanced Market) mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% (borderline of Balanced and Seller’s Market ) over several months.Source: www.rebgv.org.