Blog

Market Update

What's Going on with the market?

As we enter into November, and what is typically the start of the slower winter season in the Vancouver real estate market, let's take look back at the October stats.

Let's start with a look at the detached market. Starting on the Westside, a steadily declining inventory has resulted in higher prices over the past 4 months. For the first time since April, the average Westside house price has pushed past the 2 million dollar mark to reach the highest point in history. I don't anticipate this trend continuing, and expect to see a levelling off or slight decline in the coming months. Moving to the Eastside, we see a similar trend with a declining inventory and steady sales volume, but this has not resulted in increasing prices. In fact, we have steady yet slight declines in pricing here since July. Expect things to level off come Winter.

In the condo market, the Westside and Eastside show almost identical trends. The average sales price has levelled off the past few months, while active inventory and sales have declined steadily. Expect more of the same this winter. In the downtown market, we are seeing an even more pronounced decline in inventory that started in May and is contrary to much of the "buyer's market" publicity that is all over the media. We did see prices fall slightly here, though sales volume remained flat. Properties on the lower end of the price scale appear to be moving more quickly as the luxury market has slowed significantly.

For a short term outlook, I expect the continuation of low interest rates and declining inventory to buoy the market and hold prices steady through the winter. What is to come this Spring is yet to be seen, but I think we will enjoy a period of stability over the next few months.