With spring and summer behind us, there are still no signs of a significant turnaround in the Vancouver market. Sales volume continues to fall below seasonal averages and prices have been adjusting downwards in the past few weeks faster than at any time in the past two years. Serious, motivated sellers are leading the charge and others are smartly getting out of the way. This latest correction could well be what is needed to encourage buyers back into the fray in larger numbers. 

Another notable development is that the significant shift in pricing on newer construction may be starting to have a knock on effect on the resale market. The gap in Vancouver between the two has been so large that they have operated almost completely separately for the past decade. But with new construction/luxury product coming down in price so much, it is starting to enter the realm of affordability of local owner occupiers, who make up the vast majority of buyers in today’s market. So, if sellers in the resale market are going to be successful, unless they have product which is in a location or of a type that simply isn’t being built anymore, they may have to lower their expectations or risk losing out to newer competition.

As it has been for some time, this is all good news for buyers and in the general fight to make Vancouver more affordable again to local families. 

All the best, 

Duncan

P.S. While this, my quarterly personal e-newsletter (est. 1999!), is still going strong, the monthly Stilhavn e-newsletter which some of you have also been receiving for the past few years, will be ending this fall. The brokerage have decided to dedicate more resources into social- first content, which I will share on a regular basis on Instagram, Facebook and Linkedin. If you’re not already connected with me on these platforms, please use any of the links above to do so.