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Home buyer demand stays below historical averages in August

The Metro Vancouver* housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”
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RE/MAX 2018 Housing Market Outlook

  • This past year saw the single-family detached home and condo markets diverge on distinctly different paths in Canada’s two highest-priced real estate markets: Greater Vancouver and the Greater Toronto Area
  • As oil prices continue to stabilize, both Calgary and Edmonton have experienced modest average residential sale price increases in 2017
  • The new OSFI mortgage qualification rules that come into effect on Jan. 1, 2018 impacted housing market activity toward the end of this year and are expected to slow activity in real estate markets across Canada in the first part of 2018
  • Canadians continue to look for balance between affordability and amenities outside of major urban centres

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Thank You

“Surround yourself with Great People and Great things will happen”. Thank you to all our Sponsors, Donors, Owners, Fellow Realtors, Support Staff and the most amazing RE/MAX Social Committee that made The RE/MAX Big Give Golf tournament and BBQ a reality.

Over $20,000 was raised for BC Children’s Hospital Foundation!

Metro Vancouver sees fewer home sales and more listings in July

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

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