Are We Transitionning?
Consistent increases in property listings and fewer home sales over the summer months is putting a lid on home price increases in Metro Vancouver. We appear to be transitioning from a "seller's market" into more of a "buyer's market." There are now more choices for buyers and consequently they don't have to rush into buying decisions. New listings totalled 5,680 in September, the third highest volume for that month in 17 years and 20.1% higher than September 2010. We've seen the sales-to-listing ratio move from a high of 32% earlier in the year to about 14% now. Analysts say that a "buyer's market" takes shape when the ratio dips to about 12 - 14%, or lower, for a sustained period of time.
On a positive note for sellers, the benchmark price for detached properties increased 13.4% from September 2010 to $896,701. The benchmark price of an apartment property increased 4.4% from September 2010 to $405,569. The benchmark price of a townhouse increased 5.4% from September 2010 to $516,697.
On a positive note for sellers, the benchmark price for detached properties increased 13.4% from September 2010 to $896,701. The benchmark price of an apartment property increased 4.4% from September 2010 to $405,569. The benchmark price of a townhouse increased 5.4% from September 2010 to $516,697.