Condo (DT) vs Detached (VE & VW)
DT Condo - Sales
2018 – 53 -47.6% -25.4% (2 years)
2017 – 101 + 58%
2016 - 71
2018 – 332 +22.5% stabilized (.5-.6 sales to active ratio – standard)
2017 – 187 -65.2%
2016 - 417
Condo HPI Price Index
2018 - $685k - 3.3% + 13.6% (2 years)
2017 - $708k + 17%
2016 - $603k
What does this mean?
Condo sales have plummeted; below historical sales averages. Inventory has stabilized. Prices have seen an immediate correction. Buyers: Have time and selection, time waiting for market shift will not equate to significant savings. Sellers: Don’t be greedy. You are not in charge anymore.
Detached home sales in Vancouver have reduced significantly but have stabilized. Increased inventory levels have taken the pressure off of Buyers and begun to transition to Sellers. Sellers must ‘sell’ their property now and compete.
Outside of DT, condo sales have not seen much turbulence however maintain consistent gains in regards to pricing. Buyers must react responsibly when they find what they like as inventory levels are not overwhelming and prices are rising.
DT condo sales have corrected from 2017 maniacal pace and have stabilized. More so, inventory has returned to respectable levels that not only offer Buyers time and options. This in turn has made Sellers aware of their selling position, asset features to compete and ‘sell’ their properties. Listing agents are now getting a workout to sell their listings.
Buyers: Wait and see strategy will NOT return substantial money savings. If you are serious about Buying in a calm, collective environment, now is the time. Hardships in waiting: Interest rates are the headlines today. Calculate your purchase at higher rates vs minimal savings in market conditions, you will win by buying now vs later. Greater Vancouver is still plagued with the inability to meet demand. This is still a long term problem that new governance & changes in development policy, if happens, will still take 24-36 months to correct itself.
Sellers: Your cherry-picking days of mass equity accumulation is over. Realize your gains, and your selling timeline and make the deal when it comes. Be strategic with your Realtor regarding your selling features as chances are you are NOT the only show in town. Competitive mindset is back.