Buyer demand remains below historical averages in the Metro Vancouver

  • Number of home sales decreased 42.5% from November last year, and was 34.7% below 10-year November average (lowest sales for the month of November since 2008)
  • Sales to active ratio for all property types was 13% (balanced market)
  • Detached homes 8.9% sales to active ratio (buyer’s market)
  • Townhomes 14.7% (balanced market)
  • Condos 17.6% (balanced market)

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.” Phil Moore, REBGV president said.

See video here:

As REBGV president Moore said “We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,“

The Bank of Canada kept its overnight rate unchanged at 1.75% on December 6. Experts no longer expect the Bank of Canada to increase its policy interest rate in January 2019. They are more likely to wait until Spring 2019, to see if their growth narrative is back on track.