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.

©Pazder Law Corporation (2018)

1410 – 800 W. Pender St. Vancouver, BC, V6C 2V6 Tel: 604 682-1509 Fax: 604-682-3196 plc@pazderlaw.com www.pazderlaw.com

Questions? Call Kenneth Pazder or Melissa Valana (604-682-1509) at Pazder Law Corporation anytime for a free consultation.

DISCLAIMER: The foregoing is not legal advice. It is for information purposes only. When undertaking a financially significant transaction such as a sale or purchase of real estate it is always recommended that you obtain professional advice to assist you to make the best decision. If you don’t know a good realtor, mortgage broker or banker, we can help you with that selection as well.