Category Archives: data

Vancouver Sales hit 18 Year low

If you were hoping 2019 would kick off with a booming real estate market… well, it’s not going so well.

“After three or four years of a very robust market and escalating prices, this certainly seemed to be a year of transition. We went from more of a sellers’ market, to a balanced market, and now — a buyers’ market.”

The drop in benchmark price for a detached home accompanied a drastic slump in sales, year-over-year.

The total number of homes sold across Metro Vancouver in 2018 dropped 31.6 percent from 2017, with 24,619 transactions.

That’s the lowest number recorded in the region since 2000, and 25 percent below its 10-year average.

Read the full article here.

Runaway market taking ‘a breather’

As you may be aware it is always a good time to buy or sell real estate according to most real estate professionals who earn their living by buying and selling real estate.

Well right now it’s a great time to buy or sell real estate because the runaway market is taking a breather.

It’s a “soft landing,” according to Royal LePage CEO Phil Soper, who says their latest house price survey shows the effects of government measures to cool things down.

What were previously called the “dangerously overheated” conditions in Metro Vancouver housing have cooled significantly, but prices have remained resilient.

He says it’s the soft landing policy-makers had hoped for, rather than a crash.

“But it won’t stay this way for long. Household formation in Canada… is going to grow rapidly,” he predicts.

Read the full article here.