Suddenly, There Are TONNES Of Homes For Sale In Vancouver, And Prices Are Coming Down
https://www.huffingtonpost.ca/2019/02/0 ... _23661096/
Taken together, this means Vancouver's housing market is now a "buyer's market" for all housing types. Only 6.8 out of every 100 detached homes on the market sells in any given month. For townhouses, there are 11.9 sales for every 100 on the market, and there are 13.6 condo sales for every 100.
What's more, the city is headed for a deluge of new housing units set to hit the market over the next couple years, giving buyers even more options. Some 40,000 new housing units are expected to hit the market over the next two years.
People aren't feeling the need to rush into buying a house in Greater Vancouver these days, REBGV President Phil Moore said.
"Realtors are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being," he said in a statement.
Prices are coming down for all property types, with the benchmark detached home price coming down 9.1 per cent in the past year to $1.45 million, down around $150,000 from a year ago.