West Side houses see prices slide, but townhome and condo values remain elevated on limited supply
The detached-home pendulum has swung into a buyer’s market, according to the monthly stats report from the Real Estate Board of Greater Vancouver (REBGV), released July 4.
REBGV said that slow sales, combined with an increase in home listings, have pushed the region's sales-to-listings ratio in the single-family sector down to 11.6 per cent. This is creeping into buyer’s market territory, as a balanced market is between 12 and 20 per cent.
Phil Moore, REBGV president, said. “With reduced demand, detached homes are entering a buyers’ market. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years. Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”
Supply improved in townhomes and condos, too, but not enough to take those sectors into a balanced market. At ratios of 24.9 per cent for townhomes and 33.4 per cent for condominiums, both housing types are still defined as seller’s markets, although less aggressively than in recent history.
Overall, MLS home sales in the region totalled 2,425 in June, a 37.7 per cent drop from June 2017, and a 14.4 per cent fall in just a month since the slight peak in May 2018. Last month’s transaction total was 28.7 per cent below the 10-year June sales average, and the lowest June total since 2012.