Tri-City Real Estate Market Update



With a slight slow down in the market this summer the Real Estate Board of Greater Vancouver has indicated a 18.9 per cent decrease compared to July 2015 a 26.7 per cent decrease since June 2016. June 2016 was an extra hot month where 4,400 homes were sold. 


" This is the first time since January that home sales in the region have registered below 4,000 in a month. “After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.


Last month’s sales were 6.5 per cent above the 10-year sales average for the month. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July 2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase compared to June 2016 (7,812). The sales-to-active listings ratio for July 2016 is 38.6 per cent.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time." 


The Real Estate market in the tri-cities and Vancouver is still moving, but its just not moving with the same force it was just two months ago. This new Foreign Buyer Tax has put a hault on some projects and sales due to the unexpected extra monies owing. Real Estate is very much a rollercoaster ride but the silverlining is prices are staying steady which means you will sell for ask or over and you will be able to buy a home without paying $100,000+ over asking price. 


original article from the Real Estate Board of Greater Vancouver - Link HERE 

No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above: