Vancouver’s real estate market saw a decline in home sales during the month of September, with a decrease of 3.8% compared to the previous year. Despite the lower interest rates, potential buyers were not enticed to make a purchase, according to the latest data from the Real Estate Board of Greater Vancouver.
The total number of residential property sales in the region reached 2,333 in September, which is a 29.7% decrease from the same month in 2019. This also marks a 56.2% increase from August 2020, indicating a gradual recovery from the initial impact of the COVID-19 pandemic.
The board’s president, Colette Gerber, stated that the current market conditions are a result of the ongoing pandemic and the associated economic uncertainty. She also noted that the decrease in sales is not surprising, as the market typically slows down during the fall season.
In terms of specific property types, detached homes saw a 7.3% decrease in sales compared to September 2019, while apartment sales decreased by 3.3%. Townhome sales, on the other hand, saw a slight increase of 0.5%.
The benchmark price for all residential properties in the region also saw a slight decrease of 1.4% compared to September 2019, reaching $1,041,300. This is a 0.3% decrease from August 2020.
Gerber emphasized that the current market conditions are providing opportunities for both buyers and sellers. She stated that sellers are seeing increased competition for their properties, while buyers have more selection and time to make decisions.
The board’s data also showed that the sales-to-active listings ratio for September 2020 was 18.6%, indicating a balanced market. This ratio is calculated by dividing the total number of sales by the total number of active listings.
In conclusion, while Vancouver’s real estate market saw a decline in home sales during the month of September, the current conditions are providing opportunities for both buyers and sellers. The board will continue to monitor the market and provide updates as the situation evolves.
