Hello and welcome back! Just a few days ago posted about the Toronto market and how the market was suffering. Today I came across a news article about the Vancouver market, and we are not far behind Toronto.
The article states that the number of Vancouver home sales came down nearly 30% in March, this marked the lowest first-quarter for sale volumes in nearly 5 years!
So let's get into the meat and bones of all the information.
Home sales in the region totaled 2,517 for March 2018 as compared to 3,579 sales that were recorded for March of 2017, this is a decrease of 29.7%. If we compare the 10-year sales averages for March, the numbers show us a 23% decrease!
Detached property sales in March 2018 showed a decrease of 37% from the 1,150 detached sales that were recorded in March of 2017. The benchmark price for detached properties is $1,608,500 - a 7.4% year over year increase.
Condo sales and townhouses were also down in March. 26.7 for Condos and 24.1 per cent for townhouses.
Now, sale numbers are not the only side of real estate that have been affected. The number of listings coming into the market has also been impacted as there has been a decrease in the number of units coming into the market for resale. Last month there were only 4,450 detached, attached and apartment properties for sale in Metro Vancouver, this is a 6.6% decrease compared to the 4,762 homes that were listed in March just last year.
I haven't had a look at the numbers for the Fraser Valley yet, however it will be very interesting to see how the numbers will compare to the Vancouver market.
If you would like to read the full story on the Vancouver market, you can do so by clicking here
If you would like to read my post about the Toronto Market, you can do so by clicking here