We’ve seen that the market started cooling down this March and it has continued to do so (see table below). The Sales/Actives Ratio is at 23% (for Greater Vancouver and all property types) which is still a seller’s market but it is returning to a more “NORMAL” market (Sales/actives Ratio between 12-20%). The real estate market is Greater Vancouver has been over-heated for a while and now it is just returning to normal.
The HPI Benchmark Price are plateauing in Greater Vancouver (see table below).
The Table below shows the Sales/Active Ratio (Supply & Demand) and the HPI (Benchmark) Price for different areas and different property types in Greater Vancouver.
The Plus (+) sign behind the number indicates it has increased over the last month.
The Minus (-) sign behind the number indicates it has decreased over the last month.
Orange indicates Seller’s Market (>20%)
Green indicates Balanced Market (12%-20%)
Blue indicates Buyer’s Market (<12%)
Source: Real Estate Board of Greater Vancouver
Interestingly, even thought the Sales/Active Ratios in Vancouver East and West had dipped below 12%, the Benchmark Price still increased slightly. We are also seeing activities picking up.