The Metro Vancouver1\u00a0housing market continues\u00a0to experience reduced demand across all housing types.<\/p>\n
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.<\/p>\n
Last month\u2019s sales were\u00a025.2 per cent below the 10-year August sales average.<\/p>\n
Home buyers have been less active in recent months\u00a0and we\u2019re beginning to see prices edgedown for all housing\u00a0types as a result. Buyers\u00a0today have more listings to choose from and\u00a0face less competition than we\u2019ve seen\u00a0in our market in recentyears.<\/p>\n
There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.<\/p>\n
The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).<\/p>\n
The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.<\/p>\n
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n
With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region.<\/p>\n
The MLS\u00ae Home Price Index2\u00a0composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Metro Vancouver1\u00a0housing market continues\u00a0to experience reduced demand across all housing types. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in …<\/p>\n","protected":false},"author":2,"featured_media":196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t