Current: Vancouver Downtown's Residential Attached housing market is a Stable market with 14 %SOLD rate and a 99% Sell/List Ratio.
(This means 16 homes out of 100 sold with an average of $21,000 discount on a sale from original list price)
Most Active Range: Homes between $450,000 - $500,000 have 60.0 %SOLD rate.
Least Active Range: Homes between $1.8 mill. - $2.2 mill. have 1.6 %SOLD rate
History: The Vancouver Downtown Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $61,000.
The Vancouver Downtown Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $18,795.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Current listing inventories are 27% 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 Stable market
July's Real Estate Statistics shows 76% of Vancouver's Detached Markets decreased values in this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $23,555 which displays a continuous decline from $11,020 price drop we saw in the month prior. On Average, the Fraser Valley Market shows $6,842 monthly price decrease which is a minimal improvement compared with $8,889 decrease that we saw in the month prior. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are still forecasting a Buyer's Market across the Detached Markets.
Currently, the Condo Market continues to present a Cooler Market with 57% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, just 39% of the Townhouse Markets are increasing (11 out of 28 Markets). Both Markets remain to signify Buyer's "Watching and Waiting" behavior which is also seen at the end of the previous quarter. We are still forecasting a Buyers Market in the lower end Condo/Townhouse Markets for the foreseeable future. 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.