October 2018 Market Update
Sales continue to be extremely low, but new listings and total listings in the market are hovering around typical levels for this time of year. This is the lowest number of sales for September in the last ten years…beating 2012’s 496 by a slim margin.
There are now signs that prices are softening up as well…in all cases except East Vancouver condominiums. This is true both month-to-month as well as year-over-year. While year-over-year prices for houses have been down for a few months, this is the first time that is true for townhouses and westside condominiums.
Interestingly, it appears that the Westside is significantly weaker at the moment than East Vancouver. Sales are down nearly 50% over last year on the Westside, while more in the 25% range for East Vancouver.
We should see a slight uptick in sales in October, but this is likely the peak number of listings that we will see for the remainder of the year. Selling a home is a little more challenging in this market, but we view this as an opportunity for buyers to purchase a Vancouver property while it’s on sale.