Vancouver Real Estate : Prices Begin to Lower (August 2018)

This August, sales in the Lower Mainland are continuing to drop to their lowest level this year. As Buyers are being less active in today’s market, we are finally seeing the impact of this inactivity on prices as prices for all housing types in the Lower Mainland begin to edge down.

Condition free offers are becoming a thing of the past, as Buyers have less competition and are afforded more time in making informed decisions. If you are waiting for the market to simmer down to jump in, now might be a good time!

Greater Vancouver

In August, sales were down 6.8% from July of this year, but down 36.6% from August 2017. There were 3,881 New Listings, an 8.6% decrease from August 2017 and down 18.6% from July of this year.

Benchmark prices:

Single Family Detached: $1,561,000, down 3.1% from August 2017 and down 2.8% from May of this year.
Apartments: $695,500, up 10.3% from August 2017, and down 1.6% from May of this year.

Fraser Valley

In August, sales in the Fraser Valley were down 38.5% from August 2017 and down 10.5% from July of this year. There were 2,575 New Listings, an 11.8% decrease from July 2018 and a 2.2% decrease from August 2017.

Benchmark prices:

Single Family Detached: $1,008,700, down 0.9% from July 2018 and up 2.9% from August 2017.  Apartments: $443,200, down 1.6% from July 2018 and up 26.9% from Aug 2017.

Chilliwack & District

In August, sales were down 35.8% from August of last year. There were 432 New Listings. The total number of listings reached 1,404, a 36.3% increase from August 2017. Most of the units sold in July were in the price range of $350,000 to $599,000.

Want to Buy or Sell your property or looking to refinance and have questions? Feel free to call us 24/7.

#1460-800 W Pender Street,
Vancouver, BC V6C 2V6
Tel: (604) 682-1509 Fax: (604) 682-3196
Email: plc@pazderlaw.com

Leave a Reply

Your email address will not be published. Required fields are marked *