Sotheby’s International Realty Canada Declares Intensifying Market for Vancouver Homes
Brad Henderson, President and CEO of Sotheby’s International Realty Canada, projects a deepening buyers’ market and price deceleration in Greater Vancouver’s single family housing market in fall 2018. The declaration comes following three consecutive months of softening sales and rising inventory in one of the country’s top performing real estate markets, as increasing borrowing costs and ongoing housing policy interventions stalled real estate consumer activity.
Overall sales of detached properties in August 2018 reached 567, a decrease of 37.1% from the 901 detached sales recorded in August 20171.
“Since the beginning of the year, we have seen single family home buyers and sellers at a stalemate over prices, slowing sales velocity and volume as a result,” says Brad Henderson. “This fall, the stand-off between buyers and sellers is coming to a gradual end as market realities prevail. Sellers are already beginning to adjust listing prices to match today’s current market conditions, and for those buyers who can afford to purchase single family homes, the months ahead will offer new opportunities to transition into this segment of the market.”
Even as single family home sales prices in Vancouver East dipped 10.3% in August 2018, when compared to one year prior, and prices in Vancouver West were down 11.2%, single family home prices rose in Maple Ridge, Port Moody, Pitt Meadows, and Squamish 8.3%, 2.5%, 7.4%, and 5.1% respectively.
The latest Real Estate Board of Greater Vancouver statistics, as well as sales data trends tracked by Sotheby’s International Realty Canada, show that the single family housing segment of the market will heavily favour buyers this fall.