Vancouver housing market update

Subscribe with RSS Reader. While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.

Last month's sales were Newly listed properties in August for Metro Vancouver reached 4, for all property types. This equates to a 7. A Balanced Market is between the two.

Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market. Broken down by property type, the sales-to-active ratio for August is This means that townhouses are in a high Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.

The total sales for August were 3, Ready to jump into the market? December Get daily news , prebuys and contest updates. Straight Talk: Daily Newsletter. I agree to be contacted by the Georgia Straight. I may unsubscribe at any time. Eastside Culture Crawl Guide. Indigenous stories. Georgia Straight guide to Vancouver Writers Fest.

CMHC did boldly forecast a dour outlook for the next two years however they eventually retracted their prediction. Housing markets are so severely short of supply, it would take something very dramatic, like the pandemic to suppress sales. The pandemic in fact, is helping to accelerate sales that never would have happened outflow from cities to suburbs and small towns. Natural gas, metals, and forestry products should all increase in price which further supports a good outlook for the Province of British Columbia.

Vancouver is still a key port for Canadian exports, and as imports grow the Vancouver terminal should be busy in That is down Not too much of a surprise. Total sales dollar volume in May was down The pandemic, oil price shock, and more uncertainty about who will win the US Presidential election makes previous economic outlooks not very credible. Toronto , Calgary , Okanagan , and Mississauga have all plunged. Montreal on the other hand, has done well without regulation. If demand hits as the experts say it will, Vancouver could be in for another period of deep suffering in high rent to income, and more homelessness issues.

Buying in Vancouver? Keep your eye on the big picture and key economic events and see which neighborhoods are going to drop in price the most. With the exit of President Trump, the clock is turned back to A return of tourists will have a dramatically positive economy impact. From downtown Vancouver and Stanley Park to the Airport, up to Squamish and Whistler, the resumption of visitors in will be great.

Just as in the Toronto real estate market , the condo market should be revived once Covid 19 is tamed. Yet demand for life in BC is so strong, even the new condo developments will see lots of offers in late Burnaby, Squamish, and West Vancouver suffered the largest monthly drops in house prices. Vancouver remains perhaps the most unaffordable city in North America based on home price vs income. And with new mortgage rules Vancouverites have found themselves not much better off.

Ask any post secondary student about housing. You can see the Toronto real estate forecast and the Calgary housing market forecast here. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.