Greater Vancouver Real Estate Market Update
With a sales-to-active residential property listings ratio of 15%, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
October residential property sales rank as the second lowest total for the last 10 years.
Prospective home buyers have a good selection of properties to choose from and more time to make decisions.
Home sellers should be mindful of local market condifions to ensure they are pricing their properties competitively.
Market price of a typical residential property in Greater Vancouver (benchmark price) has increased 7.5% compare to October 2010, however since reaching a pick in June 2011, it has decilined 1.3%.
Prices for detached houses dropped more significantly than prices for townhouses or condos.
Though market has slowed down, priced right properties are selling thanks to the continuation of low interest rates.
Benchmark Price for properties in Greater Vancouver
(Estimated sale price for a typical property)
House - $884,778
Townhouses - $519,455
Condo - $402,702