Real Estate Blog by Adina
Vancouver Market Update September
Blog by Adina Dragasanu, Personal Real Estate Corporation | October 6th, 2017
After what seemed like a slight slowdown in activity in August, the market has bounced back in full force last month. September sales were up 20% from last year, and 15% above the 10 year sales average for the month.
While the market as a whole is currently showing signs of Sellers Market conditions with a 30% Sales to Active Listings Ratio, it continues to be a tale of two markets - with the condo and townhome markets leading the way, and detached market lagging behind.
Detached homes on both the Westside and Eastside currently sit in Buyers Market territory (below 14%). Due in large party to limited supply, Condos & Townhomes remain in heated Sellers Markets with Sales to Active Listings rations well over 50%.
With the rise in interest rates over the past month, we've seem a flurry of buyers trying to take advantage of their lower pre-approved rates and lock in a property before their pre-approval expires. We believe this has temporarily boosted demand especially for entry level products.
While the rate increases are nominal, the impact on affordability along with the hotly debated new mortgage rules coming into effect may have a cooling effect on buyer activity in the coming months.