Buyer's Market Here We Go!

The summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market.

September sales were 41.6% below the 10-year September sales average.

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Eugen Klein, REBGV president said. “This makes homes less affordable for the people of the region.”

At 18,350, the total number of residential property listings on the MLS® increased 14.1% from this time last year and increased 4.5% compared to August 2012.

Sales-to-active-listings ratio sits at 8%, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19%!

Benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8% compared to this time last year and a decline of 2.3% over last three months.

Sales for detached properties registered on the MLS for this past September reached 594, a decrease of 38% compared to September 2011. For apartments, we noticed 676 sales for this past September showing a decrease of 26.7% since the records of September 2011.