June 2018 Market Update
The recent trend of light sales continued through the month of May. At 866, May sales numbers were 25% below the 10-year average and the lowest total sales for any May in the last 10 years. When we look at these numbers in more detail, it would appear that it’s mostly Westside condo sales and Westside and East Vancouver townhouse sales that are lagging. All other segments saw substantial increases in sales numbers from the previous month.
Of course, sales only tell part of the story. We also want to carefully watch the levels of inventory. The total active listings in Vancouver remain fairly close (+7%) to the 10-year average. On a more granular level, it’s primarily townhouse and condo listings that are beginning to inflate while single-family detached levels remain low.
As we said last month, this appears to be an opportunity for buyers. There hasn’t been a better opportunity to purchase any type of property in the last few years. Buyers are able to take their time and make sound decisions with limited amounts of risk. We believe these trends are likely to hold through the coming months.