Market News

Fall Market Update

By November 15, 2018 No Comments

The fall market is in full swing, and this year things are a little different than recent years. The Real Estate Board of Greater Vancouver reports that residential property sales in the region saw a decrease of 44% when compared to last year, and sales numbers were 36% lower than the 10-year September average. At the same time, the latest statistics show that new listings were on par with levels we saw in September 2017, but because fewer homes are selling, inventory overall is rising creating a buyer’s market in most sectors of the market.

“Fewer homes sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect sale. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

I think this quote from the REBGV president-elect sums things up well, ““Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”

The good news is that the sky is not falling. When talking about real estate in Greater Vancouver, I am always very confident in its performance. We are in a slower period right now for sales, and while buyers are being more patient than they have been in recent years, there are plenty of examples of homes selling. Despite the overall slow down in number of sales there were still 1,595 homes to sell across Metro Vancouver in September alone.

If you are thinking about buying or selling in the fall or even in 2019 we should be talking now. Having a plan in place will take pressure off and help you to feel better about your path forward. I am really excited about some great new tools I am using for my listings and I have developed strategies for buyers that are yielding great results. Looking back over the years, many of my clients best moves have taken place in “slower markets”. It’s a great time to buy, and with my experience and expertise behind you we can maximize the sale price on your current property and drive a hard bargain on your purchase to make sure you are well ahead of the rest. If you have questions about how you can move up or down in this market, please let me know. I am always available to listen and then give my best advice based on your goals.

Mike Parminter
Royal LePage Sussex
2996 Lonsdale Ave
North Vancouver, BC
Cell: 604-626-5028
Office: 604-984-9711