Vancouver Real Estate : Where are All the Buyers? (June 2018)

aerial view homes suburb

This summer, an important party seems to be missing from the real estate market…the Buyer. Increasing interest rates and stricter mortgage requirements seem to be having an impact as Buyers are much less active in today’s market.

Sales across Greater Vancouver, Fraser Valley and Chilliwack are continuing to decline. BUT NOTE THAT SO FAR, THE PRICES CONTINUE TO RISE.

Greater Vancouver

In June, sales were down 14.4% from May of this year, but down 37.7% from June 2017. There were 5,279 New Listings, a 7.7% decrease from June 2017 and down 17.2% from May of this year.

Benchmark prices:
Single Family Detached: $1,598,200, up 0.7% from June 2017 and down 0.6% from May of this year.
Apartments: $704,200, up 17.2% from June 2017, and up 0.4% from May of this year.

Fraser Valley

In June, sales in the Fraser Valley were down 43.2% from June 2017 and down 17.4% from May of this year. There were 3,140 New Listings, a 20.8% decrease from May 2018 and a 15.3% decrease from June 2017.

Benchmark prices:
Single Family Detached: $1,018,900, down 0.2% from May 2018 and up 9.0% from June 2017. Apartments: $453,500, up 0.1% from May 2018 and up 39.4% from June 2017.

Chilliwack & District

In June, sales were down 40.0% from June of last year. There were 526 New Listings, an increase of 11.6% from June 2017. Most of the units sold in June were in the price range of $450,000 to $700,000.

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

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