Greater Vancouver Housing Market Update
The Greater Vancouver housing market saw a reduction in Buyer demand in June. Our region saw a 28% decline in sales this June as compared with last June (2011). This is also 32% below the average sales in June over the last 10 years. This all amounts to the lowest selling June since 2000. There is also a decline in new listings (18% lower than May 2012). Currently, the total number of listings is at its highest point in over 2 years.
We are still in a balanced market - but at the lower end. The sales-to-active listing ratio is the figure analysts use to determine this stat and the number has been declining since March (it stands at 13% now). The analysts also say that once this figure reaches 10-12% we will see downward pressure on home prices. At this time prices remain stable but the market is currently favouring Buyers.
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