Vancouver, one of Canada’s top cities could be headed for a decline in prices in its real estate market since 2012.
Within four years, the average residential prices rose highly and it looked like all was going well until this January. If the situation this January continues for the rest of the year, then there is a high possibility of lower prices in the housing/real estate market compared to the summer of last year (2016).
Sales-to-active listing ratio for January 2017 is believed to be 21 per cet. This percentage is very low compared to last year’s own. This is believed to be the lowest ratio of sales-to-active listing in the market since January 2015.
In Vancouver it is believed to be a buyers’ market when it is below 12 per cent for period of time a seller’s market when it is above 20 per cent.
The ratio from December 2015 places did not seem to favour sellers. It was more on the buyer’s side.
Sales for detached houses and town homes went down to a number of 1,523 in December of 2016. This was a fall by 39.5 per cent compared with January 2016. This marked the 10th time that sales declined month over month and it marks the seventh month In a row that they fell year over year.
The volume of last year was 10.3 per cent below the ten year January.
To accompany the fall of home sales, prices are going down the grid and falling tremendously. The average price for various houses In the market went down to $896,000 which means that it is down by 3.7 per cent since July.