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?