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Current: Vancouver Downtown's Residential Attached housing market is a Seller's market with 19 %SOLD rate and a 99% Sell/List Ratio.
(This means 24 homes out of 100 sold with an average of $9,000 discount on a sale from original list price)
Most Active Range: Homes between $450,000 - $500,000 have 55.6 %SOLD rate.
Least Active Range: Homes above $2.2 mill. have 7.8 %SOLD rate
History: The Vancouver Downtown Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $191,606.
The Vancouver Downtown Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $86,701.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Current listing inventories are 65% more than the same month last year meaning that we are seeing a reduced listings supply. The buyer demand is strong. We project Vancouver Downtown to be a continued seller's market
May's Real Estate Statistics shows 62% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price much stronger decrease of $16,674 which is a marked drop over the $4,857 increase that we saw in the month prior. On the Average Monthly Price decrease of $4,469, which is a Big-Switch from the $13,418 increase that we saw in the month prior. At the same time, the Vancouver Detached Markets showed a price decrease of $16,674. With many new foreign buyer taxes, the much tougher mortgage lending rules, the higher interest rates, trade tariffs, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from Hot to a cooler market, with 53% of the Greater Vancouver (Lower Mainland) still increasing. 61% of the Townhouse Markets are decreasing (17 out of 28 Markets). The "Fear-OF Missing-Out" buyer emotions of yesterday are now being replaced with the "I-Will-Wait" Attitude. We are forecasting a Stabilizing/ Buyers Market in the lower end Condo/Townhouse Markets for the following months. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighbourhood.
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