By August 9, 2018—
Lately the housing supply has been up, but demand is down across all of Metro Vancouver. According to the Real Estate Board of Greater Vancouver, housing sales have reached their lowest levels yet as of the year 2000. Summertime is usually a quiet time for real estate, but it’s especially the case this year. See below for stats.
It’s time to be strategic. Housing prices have gone down in the past month. Of the six homes that were sold, only one house was sold at asking price. Five were below asking price.
There is currently more supply then demand. Buyers, take advantage of this slow market to truly find the house of your dreams. We expect this trend to carry on into the fall and maybe even into 2019.
Old homes have a particular charm about them. The history of the life it knew before is sometimes intriguing. There’s good news for those seeking an old-style home. More older homes than usual have been popping up in the market.
Of course, this does mean that the average newly listed price of homes has gone down. While more of the bigger and newer homes have been selling lately, don’t forget to take your time. Buyers, you have plenty of time to shop around and be picky with what you want in a home.
Sellers, the number of sales for condos, townhouses and duplexes is the same as the month before, so don’t worry. And seven of the homes sold were even at or above asking price.