Kitsilano Condo

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Number of homes on market continually decreasing – end of buyer’s market may be approaching

When comparing sales of July and August this year for Vancouver West attached homes (townhouse) dropped 14.5 percent*, apartments (condo’s) decreased 12.2 percent, and detached homes (single family home) increased by 9.8 percent.  Lower mortgage rates and an improving labour market are creating some demand but not enough to maintain previously high levels seen during the beginning of the year.  

When comparing the number of active listings of July and August this year for Vancouver West we see they have decreased 23.7 percent for attached homes, 11.3 percent for detached homes, but increased 5.5 percent for apartments.   When reviewing this trend for the months previous to July, and what has happened thus far in September, the number of active listings on the market is steadily being reduced.

With fewer new listings, total active listings are on the decline signalling that a possible end to the buyer’s market may be on the horizon.

* Statistics provided by REBGV August report