Metro Vancouver housing market appears to be levelling out

If there’s one word that describes Metro Vancouver and the Fraser Valley’s current housing market, it’s balanced.

“Right now we’re at 22 per cent [sales-to-listings ratio], which means 22 per cent of the homes for sale are selling,” Real Estate Board of Vancouver president Rosario Setticasi said in an interview Tuesday. “So, it’s balanced at the upper end and favours sellers, just barely.”

Setticasi noted that sales are below the 10-year average and home listings above what’s typical for June, and that means a closer alignment between supply and demand in the marketplace.

He said the sales-to-listings ratio is falling — and with it, upward pressure on prices.

“We were at 26 to 29 per cent when the market was really moving [and] last month it was at 24 per cent, so it’s dropped a bit. If it drops further it will be more to the buyers’ advantage because there’s more listings, and vendors are competing for buyers.”

Tsur Somerville, director, centre for urban economics and real estate, Sauder School of Business at the University of B.C., said in an interview that he senses a slight “step back” in sales following sharp increases earlier in the year.

As well, he said, sellers are responding to the higher prices through increased listings.

“If listings are growing faster than sales, it’s a lower sales-to-listings ratio, which is more favourable to buyers,” he added.

Source: Brian Morton, Vancouver Sun



No comments

Post Your Comment:

Your email will not be published
Contact Info:
Dan Mobile: 604-862-4124
Royal LePage Sussex: 604-984-9711
Dale Mobile: 778-881-8392
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.