Real Estate Prices Decreasing In Vancouver’s Housing Market
Our Vancouver real estate lawyers and notaries public are beginning to see real estate prices decline as demand across all housing types decreases.
This trend continues the transition we noticed last month as an increase in real estate listings were added to the Multiple Listing Service (MLS®) while a 30% decrease in sales was recorded.
Since May 2018, the MLS® Home Price Index composite benchmark prices for all residential properties in Metro Vancouver has decreased 1.9%. Phil Moore, the President of the Real Estate Board of Greater Vancouver (REBGV) was quoted saying, “With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region”.
TOTAL NUMBER OF HOME SALES IN A MONTH
3,043 sales in August 2017 (one year ago)
2,070 sales in July 2018 (one month ago)
1,929 sales in August 2018
The number of home sales this past month were 25.2% below the 10 year August average. Buyers today have more options and face less competition when looking for a home. Below we can see an increase of 25% of available listings compared to a year ago.
TOTAL NUMBER OF HOMES LISTED
8,807 homes listed in August 2017 (one year ago)
12,137 homes listed in July 2018 (one month ago)
11,824 homes listed in August 2018
With more available listings across the Greater Vancouver area, less competition, and prices edging down, it might be a great opportunity to take advantage of the cooling real estate market.
As your real estate lawyers and notaries public located in downtown Vancouver, our legal office helps clients navigate through the conveyancing process and conducting due diligence. If you’re planning to make one of the biggest purchases in your life, consider contacting our legal office to ensure that it is done right, the first time.