CORRECTION: President of Sotheby’s International Realty Canada Declares Intensifying Buyers’ Market for Vancouver Single Family Homes

VANCOUVER, B.C., Sept. 05, 2018 (GLOBE NEWSWIRE) -- Brad Henderson, President and CEO of Sotheby’s International Realty Canada, projects a deepening buyers’ market and price deceleration in Greater Vancouver’s single family housing market in fall 2018. The declaration comes following three consecutive months of softening sales and rising inventory in one of the country’s top performing real estate markets, as increasing borrowing costs and ongoing housing policy interventions stalled real estate consumer activity.  

Overall sales of detached properties in August 2018 reached 567, a decrease of 37.1% from the 901 detached sales recorded in August 20171.

“Since the beginning of the year, we have seen single family home buyers and sellers at a stalemate over prices, slowing sales velocity and volume as a result,” says Brad Henderson. “This fall, the stand-off between buyers and sellers is coming to a gradual end as market realities prevail. Sellers are already beginning to adjust listing prices to match today’s current market conditions, and for those buyers who can afford to purchase single family homes, the months ahead will offer new opportunities to transition into this segment of the market.”

Even as single family home sales prices in Vancouver East dipped 10.3% in August 2018, when compared to one year prior, and prices in Vancouver West were down 11.2%, single family home prices rose in Maple Ridge, Port Moody, Pitt Meadows, and Squamish 8.3%, 2.5%, 7.4%, and 5.1% respectively.

“Over the past few years, Vancouver home buyers priced out of the detached home market have opted to purchase townhomes and larger, family-sized condominiums within the city; or they have moved into surrounding municipalities where more square footage can be achieved at similar price points. At Sotheby’s International Realty Canada, we have already begun to notice renewing interest in detached homes in the City of Vancouver,” says Henderson. “The fall real estate cycle is expected to bring an influx of new single family home inventory to the market.  With softening prices, purchasers are expected to refocus on potential opportunities in this segment.”

According to real estate analysts, downward pressure on home prices typically occurs when the sales-to-active listings ratio falls below 12% for a sustained period. In Metro Vancouver, the sales-to-active listings ratio for detached homes fell to 11.7% in June 2018, 9.9% in July 2018 and 9.1% in August 2018.  The latest Real Estate Board of Greater Vancouver statistics, as well as sales data trends tracked by Sotheby’s International Realty Canada, show that the single family housing segment of the market will heavily favour buyers this fall.

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