According to newest stats and reports put out by the Greater Vancouver Real Estate Board, the residential sales market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
REBGV reports that residential property sales of attached homes had a 1 percent decrease in sales compared to the same month last year. This stats rank as the second lowest number of homes sold in the month of October in the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively."
New listings for detached, attached and apartment homes totaled 4374 in October, which is on par with the 10 year average. The total number of listing in Greater Vancouver is currently 15,377, which is 9.3 percent higher then the same time last year.
Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.
With mortgage rates to be held by the Bank of Canada and more sellers competing to reel in the same buyers, expect pricing corrections to come this winter.
According to the simple rules of supply and demand; with more option to choose from and less buyers to buy homes ... This is the perfect time to invest or purchase a property.
The Aziz Group