Demand for condo continues to outstrip supply with a sales-to-active ratio at 93%. Detached home market has returned to Seller’s market with sales-to-active ratio at 25%.
Overall, the sales-to-active ratio has decreased over the last month but the ratio remained above 12% so we will probably not see any price reduction.
The graph below shows the average sales-to-active ratio for all property types in All of Greater Vancouver (REBGV), Richmond, Vancouver and Burnaby.
What I’ve learned from last year was that although the sales-to-active ratio had declined, the sales price did not as long as it remained above around 12%. For single family houses, the price started to drop when the ratio dipped to 13% in August 2016 before it bounced up in February 2017.
In Toronto, home sales collapsed by more than 37% in June as compared to same month last year. New listings shot up by nearly 16% but prices still increased by an average of 6.3%.