With the Fall market on our doorstep, it’s time to review how the summer market performed and what’s in store for September and October. While we have just come out of a couple of the slowest months in 20 odd years, you would think the market is at a stand still. But with prices having dropped by more than 30% in some areas across the nation, Vancouver remains one of the most resilient marketplaces in North America with prices having only slid by about 7% according to the Housing Price Index. While we are expecting to see this number continue to drop by about another 2% in the foreseeable future, what’s less clear is the bubbling activity behind it.
Sales to Active Ratios (think of this number as the pressure gauge for the market) are on the climb across ALL property types and most noticeably in townhomes (rising by 5% month over month). The average ratio across all property types climbed 1.1% month over month putting the market back on the precipice of a sellers market and revealing that we still have a housing crisis on our doorstep.
The underlying issues that created the housing crisis we’ve seen over the last decade will continue to persist even with an imminent rate hike that we’ll see in September. With both local, national and international pressures applying themselves to the Vancouver market, expect to see more sustained pressure in the fall months as consumer confidence begins to recover.
With anecdotal stories of our Agents going into multiple offers in the last few weeks, chronically low inventory and new listings reducing in numbers… where do the Buyers and the overheated rental market go from here as the search for shelter continues. Stay tuned for the SPECIAL RELEASE coming Sept 7th right after the BoC announcement.
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Dan Wurtele, PREC, REIA
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Ryan Dash PREC
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ryan@thevancouverlife.com
