The Real Estate Board of Greater Vancouver (REBGV) reported that drastic price drops in Greater Vancouver condominiums continued for the month of September, resulting to a leap out of the seller’s market for first time in years, as reported by Better Dwelling.
The benchmark price of a usual condo was at $687,300 during the month, down 1.17% from August. While the yearly pace grew to 7.4%, buyers were able to save more than $8,000 on a typical condo.
The annual pace of growth, however, is still declining, as the 7.4% recorded in September followed eight consecutive months of deceleration, and the slowest pace since August 2015.
The median sale price of a condo also slid to $680,000, 5.5% lower than 2017.
REBGV believed the decrease in value is due to rising inventory. The real estate board showed that there were 2,417 new listings in September, up 39% from the month before. When compared to the same month in 2017, the figure is up by 10.92%
The total number of active listings for condos, meanwhile, was 4,613. This is 92.04% higher compared to the same period in 2017.
As a result, the ratio of sales to active listings hit 17.6, the lowest seen since January 2015. In other words, the condo market is no longer a seller’s market – for reference, a seller’s market ratio is above 20, a buyer’s market is below 12, and between these figures is “balanced.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate