With increased mortgage rates and stricter lending requirements, buyers and sellers in Vancouver have adopted a wait-and-see approach that has led home sales to tumble to their lowest level in 18 years, according to data from the Greater Vancouver Real Estate Board.
With the availability of condos, houses, and townhouses in Vancouver up 32 percent year over year, a lot of people are wondering what will happen next price wise. Despite the fact the active sales-to-listing ratio seems to favour homebuyers, the benchmark price for all residential properties was just under $1.1 million, a 6.7 percent hike over July 2017.
The number of sales-to-active-listings across Metro Vancouver last month was approximately 10 percent for detached homes, 20 percent for townhomes and about 27 percent for condos. Analysts predict downward pressure on prices when the ratio dips below 12 percent, so condo and townhouse markets are holding fairly steady in terms of price so far.
Despite the fact that sales of condos decreased 26.5 percent year-over-year while sales of townhomes fell almost 35 percent, both property types have increased in value by about 12 percent since last July—and only slipped about half a percent since June.
That puts the benchmark price for a condo at about $700,500, while a townhouse in Vancouver still retails at about $856,000.
For people looking to buy and sell property, it’s more important than ever to work with an experienced Vancouver realtor who understands the demand and pricing trends and demands in different Vancouver neighbourhoods.
To learn more about buying or selling townhouses in Vancouver, contact Ariane Benjamin at (604) 779-1500. With more than 15 years of dedicated experience, Ariane is one of Vancouver’s most specialized townhouse realtors.