(October 21, 2011)
We have reached the upper end of a Buer's Market as consistent increases
in property listings and fewer home sales over the summer.
Residential property sales of detached, attached and apartment properties
on the region’s Multiple Listing Service® (MLS®) reached 2,246 in
September, a 1.2 per cent increase compared to the 2,220 sales in
Those sales also rank as the third lowest total for September over the
last 10 years.
There's more competition amongst home sellers in today's market, providing
more options for prospective buyers, buyers now have more properties to
choose from and more time to make decisions compared to the spring season.
The number of properties listed for sale on the Greater Vancouver MLS®
system has increased each month since the beginning of the year. At
16,085, the total number of residential property listings on the MLS®
increased 4.6 per cent in September compared to August 2011 and rose 4.4
per cent compared to this time last year.
Sales-to-active-listing ratio currently sits at 14 per cent, which is the
lowest it’s been this year. Generally analysts say that a buyer’s market
takes shape when the ratio dips to about 12 to 14%, or lower, for a
sustained period of time.