October has arrived with blue skies and the expected morning chill. That same chilling effect has to the single family home market in all areas of the Lower Mainland. In contrast, most of the attached properties are still receiving multiple offers which may be due to buyers trying to take advantage of their pre-approved mortgage rates prior to their rate-holds expiring but there are a declining percentage of multiple offers in the single-family home market in all areas of the Lower Mainland.
Metro Vancouver Attached Property Sales in the last week of September
Fraser Valley Attached Property Sales in the last week of September
Metro Vancouver Detached Property Sales in the last week of September
Fraser Valley Detached Property Sales in the last week of September
From the REBGV September Stats:
For all property types, the sales-to-active-listings ratio for September 2017 is 29.8 percent. By property type, the ratio is 14.6 percent for detached homes, 42.3 percent for townhomes, and 60.4 percent for apartments.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
Note that last month (August 2017), the ratios were 34.6% for all properties, 16.3% for detached homes, 44.8% for townhomes, and 76.3% for apartments.
My prediction for October is exactly the same as for last month, that is, for a continued weakening of the market for single-family homes but a continued demand for attached homes (condos and townhouses) resulting in increased upward pricing pressure but at a slower rate than before because of affordability concerns based on the new mortgage rates (and expiring mortgage rate-holds.)
Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.
|Burnaby East||Burnaby North||Burnaby South||New Westminster|
|Coquitlam||Port Coquitlam||Port Moody|
|Metro Vancouver||Vancouver East|
|North Vancouver||West Vancouver|
|Pitt Meadows||Maple Ridge|
|UP THE COAST/ISLAND|
|Bowen Island||Squamish||Sunshine Coast||Whistler|
Here are the full statistic packages for:
The Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)
Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month. LINK to live graph
Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.