Vancouver Real Estate: Will Prices Ever Go Lower? (July 2018)

This July, sales in Greater Vancouver reached their lowest point for the month since the year 2000!

Even though inventory levels are continuing to grow, demand continues to be impacted by the skyrocketing prices and interest rates. In this slow market, Buyers are afforded more opportunity to explore their options in a more relaxed environment. However, it’s clear that Buyers are not taking action and instead have opted for a wait and see approach. The $64,000 question is when sellers will jump!

Greater Vancouver

In July, sales were down 14.6% from June of this year, but down 30.1% from July 2017. There were 4,770 New Listings, a 9.2% decrease from July 2017 and down 9.6% from June of this year.

Benchmark prices:

Single Family Detached: $1,588,400, down 1.5% from July 2017 and down 0.6% from June of this year. Apartments: $700,500, up 13.6% from July 2017, and down 0.5% from June of this year.

Fraser Valley

In July, sales in the Fraser Valley were down 33.4% from July 2017 and down 11.2% from June of this year. There were 2,921 New Listings, a 7.0% decrease from June 2018 and a 11.5% decrease from July 2017.

Benchmark prices:

Single Family Detached: $1,017,400, down 0.1% from June 2018 and up 5.3% from July 2017. Apartments: $450,400, up 0.7% from June 2018 and up 32.0% from July 2017.

Chilliwack & District

In July, sales were down 33.2% from July of last year. There were 459 New Listings. The total number of listings reached 1,390, a 31.2% increase from July 2017. Most of the units sold in July were in the price range of $350,000 to $599,000.

This is a real estate driven economy top to bottom – and it’s hard to see that changing. Don’t wait to buy; buy and wait!

 

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