The Summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market.
Residential property sales show a 32.5% decline compared to sales in September 2011 and an 8.1% decline compared to sales in August 2012.
September sales were 41.6% below the 10-year September sales average.
There's been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages. This makes homes less affordable for the people of the region.
Today, our sales-to-active-listings ratio sits at 8%, which puts us in a buyer's market. This ratio has been declining in our market since March when it was 19%.
Our sales-to-active-listings ratio sits at 8%, which puts us in a buyer's market. The ratio has been declining in our market since March, when it was 19%.
Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two.
The composite benchmark for all properties in Greater Vancouver is $606,100. This represents a decline of 0.8% compared to this time last year and a decline of 2.3% over last three months.
Detached Properties (Houses)
Average Days on Market: 57
Average Sale Price / Asking Price 95%
Average Days on Market: 64
Average Sale Price / Asking Price 97%
Condos / Apartments
Average Days on Market: 56
Average Sale Price / Asking Price 96%
Benchmark Price for properties in Greater Vancouver (Estimated sale price for a typical property) - September 2012
House - $935,600 Townhouses - $458,600 Condo - $368,600