September 2018 Market Update
In recent memory, there are only two Augusts that had lower sales numbers than last month. That was August 2008 and 2012.
Most of us recall that 2008 was not a great year for Vancouver real estate. Prices came off about 15% that year from peak to trough. 2012 started strong but then fizzled. By September it was clear a shift in the market was underway and we saw a drop of approximately 5% at the tail-end of that year.
But the numbers of sales is where the similarities end. In terms of total listings we currently stand at a very healthy 3,554. In each of 2008 and 2012 there were well over 5,000 listings on the market. New listings coming onto the market were also considerably higher back then.
There’s no doubt that we are seeing softness in the market that has translated into easing pressures on prices. However, there continues to be a lack of panic on the part of sellers (which would be indicated by a flood of new listings). It appears that (to this point at least) both buyers and sellers continue to have confidence that Vancouver’s real estate market will have better days ahead.
All of this leads us to conclude that this lull in the market may vary well be a significant opportunity to step in and obtain property that is currently on sale. It can also be an opportune moment to trade up in the market or increase your investment property portfolio.