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8/26/2018 0 Comments August 2018 Housing Market Update - Sales last month reached the lowest levels since 2000
For last month, residential housing sales in Metro Vancouver* reached their lowest levels since the year 2000. There continues to be fewer active buyer's in today's market. Both Buyer's and Seller's are waiting it out. "The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $1,087,500. This represents a 6.7 per cent increase over July 2017 and a 0.6 per cent decrease compared to June 2018." Home prices have trended up in general, but we do a see a slight decrease from June to July. This makes sense as with less active buyers, it is helping drive home prices down across Metro Vancouver*.
*These statistics include areas covered by the Real Estate Board of Greater Vancouver which include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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Jerome Susi Real Estate Agent Team 3000 Realty Ltd. M: 604-500-5326 E: jerome.susi@gmail.com www.jeromesusi.com 7/7/2018 0 Comments June 2018 Market Update
Hey Vancouverites!
Supply for homes around Metro Vancouver have continue to increase in June 2018. The active homes for sale in the market have reached a 3-year high! Buyers today have been less active then they have been previously. Rising mortgage interest rates, new 2018 mortgage stress test and the rising cost of housing have all played a factor. Detached homes are entering a buyer's market - meaning that the supply (available properties for sale) has exceed the demand (buyers looking to purchase). If you or someone you know is in the market for a detached home, a buyer's market is an ideal time to make your move. Townhomes and apartments are on the decline as well but are still considered to be in a seller's market. The graph below shows the average sale prices in June 2018 of detached homes, townhomes, and apartments around Metro Vancouver.
Source: Real Estate Board of Greater Vancouver
For more detailed or location specific information, don't hesitate to send me an email and I'll get back to you!
For my recent blogs: What is the first step in buying a home? Ban on Dual Agency, New Disclosure Requirements For all your Real Estate needs, Jerome Susi Real Estate Agent Team 3000 Realty Ltd. M: 604-500-5326 E: jerome.susi@gmail.com www.jeromesusi.com |
AuthorJerome Susi is a real estate agent in the Vancouver metro area. He specializes in working with buyers and first time home buyers looking to fulfill their dream of property ownership. Archives
January 2020
CategoriesAll Client Dual Agency First Time Home Buyer Home Buying Mortgage Pre-approval Real Estate Market Unrepresented Party |
All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Jerome Susi and Team 3000 Realty make no representation, warranty or guaranty as to accuracy of any information contained herein. You should consult your advisors for an independent verification of any properties.
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