Buyer Demand Eases

The Real Estate Board of Greater Vancouver (REBGV) announced that demand for homes softened across the region in August, resulting in declining housing prices for the second straight month.

Residential home sales totalled 1,929 in August, a 36.6 percent decrease from the same month last year, and 25.2 percent below the 10-year August sales average.

"Home buyers have been less active in recent months and we're beginning to see prices edge down for all housing types as a result," Phil Moore, REBGV president said. "Buyers today have more listings to choose from and face less competition than we've seen in our market in recent years."

If you're looking to buy, you'll enjoy much greater selection this year than last; the total number of homes listed for sale on the MLS® system in Metro Vancouver was 11,824 in August, a 34.3 percent increase compared to August 2017.

Sales of detached properties in August 2018 reached 567, a 37.1 percent decrease from August 2017 sales, while the benchmark price for detached properties was $1,561,000, a drop of 3.1 percent.

There were 1,025 apartment properties sold in August 2018, a 36.5 percent decrease compared to sales in August 2017, with the benchmark price coming in at $695,500, a 10.3 percent increase. Attached property sales in August 2018 totaled 337, a 36.3 percent decrease compared to August 2017 sales, with a benchmark price of $846,100 in August — a 7.9 percent year-over-year increase.

Need help in determining the market value of your home? Wondering what properties are selling for in your area? Simply pick up the phone for your no-obligation local market update!