Summary: Home buyer demand continues to decline across Greater Vancouver housing market. Last month’s sales were 19.3% below the 10-year May sales average. The number of homes available for sale has risen to the highest levels we have seen in the last two years; however, supply is still below our long-term historical averages. For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.