By Gagandeep Ghuman
Published: October 31, 2018
If you have been dreaming of owning a detached home, this may be the time to edge that dream to reality.
The supply of homes continues to outstrip demand in Metro Vancouver as home sales recorded a dramatic drop this September compared to last.
The Real Estate Board of Greater Vancouver reported that home sales in the region saw a 43.5 per cent decrease in September this year compared to the September of 2017.
It was the same story in August.
An increase in listings is leading to softening of home prices across Metro Vancouver, said Ashley Smith, REBGV president-elect.
“Our town home and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said.
Smith said there is more selection for home buyers to choose from. Since spring, she said, listings have risen to levels that were not seen in the past four years.
Areas covered by the Real Estate Board of Greater Vancouver include Squamish and Whistler and other communities in Metro Vancouver right up to Delta.
Metro Vancouver communities are not the only ones where prices are falling. Home sales are dropping all across the province.
The BC Real Estate Association reports a 33.2 per cent decrease in home sales this September compared to the same month last year.
The average MLS residential price was also down 1.1 per cent compared to last year in September.
“The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years,” said Cameron Muir, the chief economist for BCREA.
