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Commercial Properties

Buyers opt to Keep the House on Hold, the Real Estate Business is Dropping!

The sales of the homes in metro Vancouver decreased for the month of July in almost two decades.

Written by MKTLIST Blog Team Published On : August 06, 2018 700
Buyers opt to Keep the House on Hold, the Real Estate Business is Dropping!

This was lately discovered observing the real estate activity from the real estate board of greater Vancouver (REBGV). Actually, last time in July the sales were too low like it was in 2000.

“Summer is traditionally a quieter time of year in real estate,” said REBGV president, Phil Moore. “This is particularly true this year.”

Due to several factors including the increased rate of mortgage and stricter lending requirements, the buyers opt to make the house on hold. With that, “buyers and sellers are opting to take a wait-and-see approach for the time being,” Moore added.

In July 2018, the residential property sales in the region were 2,070 a 30% from 2,960 sales in July 2017 while a decrease of 14.6 % compared to June 2018 when only 2,425 homes were sold.

Last month’s sales were 29.3 % below the 10-year July sales average.

As it is observed that in today’s market there is less pressure on home prices, but the demand of the town home and apartment is also dropping.

Altogether the properties listed for sale on MLS (multiple listing service) is 12,137 which represents the 32% compared to July 2017 (9194) and a 1.6% increase compared to June 2018 (11,947).

“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” said Moore. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”

The ratio varies for different types of property for July 2018 the sales to active listings ratio for July 2018 is 17.1%, 9.9% for detached homes, 20.2% for town homes, and 27.3% for condominiums

On the MLS list there are 4770 detached and attacked apartment in July 2018 which is a 9.2% decrease to 5256 homes listed in July 2017 and 9.6% decrease compared to June 2018 where 5279 homes were listed.

The standard price for all residential properties in metro Vancouver is $1087500 which represents a 6.7% increase in July 2017 while a 0.6% decrease compared to June 2018.

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