Richmond Vancouver REALTOR®

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October 2018 Greater Vancouver Housing Market Update


October 2018 Greater Vancouver real estate market video news update, Oct 18, 2018

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region dropped 34.9% compared to October 2017. Total sales for the month were 26.8% below the 10-year October sales average.

Home sale activity across Metro Vancouver remained below long-term historical averages in October.

The current supply has returned to the level about four years ago.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1% increase compared to 9,137 in October 2017 and a 0.8% (13,084) fewer homes for sale compared to September 2018.

Tighter mortgage rules and declining single-family home sales and prices are alredy sending shock waves to the market. Waning demand for townhouses and condos the past few months are reported across the lower mainland of Vancouver and Fraser Valley. The big worry is what happens to home sales and prices if a recession hits in the next two or three years? Could home prices fall significantly and turn to a recession?  

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Canadian Housing Report & News


Are Australian house prices going to join the Canadian Club? - NEWS.com.au

Sun, 11 Nov 2018 20:15:00 GMT

Housing crash — is it time to panic? Remember — in a market where people expect price growth, even a short fall can make a big difference. The relatively brief ...

 

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Prices easing but Canada's housing market still 'highly vulnerable': CMHC - CTV News

Thu, 25 Oct 2018 17:58:38 GMT - Financial Post

Prices easing but Canada's housing market still 'highly vulnerable': CMHCCTV News... a decline in prices. Despite these factors, markets in Toronto, Vancouver, Victoria and Hamilton are still considered to have a “high degree of overall ...

Read more ...

 

 

Canadian Real Estate Prices Turn Negative According To The US Federal Reserve - Better Dwelling

Fri, 19 Oct 2018 13:40:27 GMT

Better DwellingCanadian Real Estate Prices Turn Negative According To The US Federal ReserveBetter DwellingSince prices were below the peak, they weren't in “bubble” territory. In a more technical sense, they were still experiencing the ..... Canada' ...

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Vancouver & Richmond Housing Report


October Greater Vancouver Home Sales Report

Home sale across Greater Vancouver remained below long-term historical averages in October. The todate home sales across various municipalities in Greater Vancouver were about 30% lower than a year ago.

For the month of OCtober, Greater Vancouver residential home sales totalled 1,966 was 35% lower than 3,022 sales recorded in October 2017. Compared to last month sale of 1,595 homes, it was 23% higher.

The October sales were 26.8 per cent below the 10-year October sales average.

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More Supply Of Homes Slower sales had resulted in higher inventory - levels that were seen four years ago. Home sellers are facing pricing pressure to cut prices to sell their homes. Listings for the month jumped 7.4% to 4,873 compared to 2017, but 7.7% less homes listed compared to last month. Year-over year, the total number of homes listed for sale in OCtober at 12,984 units is 42.1% higher.

rebgvfvreb sales

Market Outlook For 2019 & 2020

The real estate market has entered a down cycle after over 10 years of rapid growth in home sales and rising prices. Since the peark of 2016, the market showed weakness in detached home sales and declining prices that acclerated the past 12 months. Multi-family homes in recent months experienced slower sales and home prices were weakening. Signs of more aggressive price discounting were noticed the past 2 months.

The housing market for Greater Vancouver and Fraser Valley are expected to continue to decline in demand due to higher interest rates and much tougher for home buyers to obtain financing for mortgages. How much lower in home sales and price decline are hard to predict as current market sentiment is subdued and no panic seller deparation to sell has been reported yet. 

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