November 2018 Vancouver Real Estate Market Update
Here is a market update for November 2018. If you look at November 2018 to 2017 you can see 1608 sales this November and 2795 last November. Our sales are down by 42%. This is obviously not very good news as we are down by around 1200 sales. Active listings are way up 12307 opposed to 8747 last year, so we are up by 40%. What are those numbers do to the months of inventory, which determine the price. Remember, we talked about 4-6 months of inventory is a Seller’s market, 6 months of inventory is Balanced market and over 6 months is a Buyer’s market. If you divide the number of Active listings by the number of Sales you get the Months of inventory. So in 2017 we had a Seller’s market and in 2018 we are moved in to a full fledged Buyer’s market. However different property types are going to have different months of inventory. So let’s have a look at November to October sales. You can see that in November we did 1608 sales, but we did 1966 Sales in October, so again we are down by 18%. That’s not uncommon, November quiet ofter is slower then October, so this is seasonal, but probably down more that it normally would be. And the Active listings are down by 5%, which again is not unusual as many people do not list their home during holiday time. But what is it do to the months of inventory? In October we had 6.6 months of inventory and we went up to 7.6. You can see what starting to happen now that month of inventory over the last 4-5 months have risen consistently, that means the market is going a little bit softer and it’s probably will continue into next year. But here is what I find very interesting. If you look at all of the Sales in Greater Vancouver 50% of them in the condo market. Only 32% Detached and 17,5% are the Townhouses. You can see what’s going on. We’ve got the most expensive city in Canada right now. People can’t afford houses, so they are moving into the condos.