The Current Frustration Of Buyers And Sellers

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We could easily add a “sub headline” to this month’s Update which would be the same title, but with ‘buyers and sellers’ replaced by Greater Vancouver Realtors! I’m the first to admit that our crystal instruments are, of late, taking on a significantly more opaque (maybe foggy?) haze. Clearly, experienced R/E practitioners may admit to some ‘blow to our collective pride’ by not being able to answer our clients’ queries in a more definitive and authoritative fashion.

While on the topic of ‘headlines’ the REBGV entitled its news release “Metro Vancouver continues to experience above-average demand and below-average supply”. Interpret this correctly – “average” is the aggregation of sub-sectors. Remember that each of these is unique in things like geographic location, price point, size, accommodation,‘walk score’ etc.

Roll on the return of being able to speak of the probable ‘direction of the market’ , as in …. “Jennifer and Peter it seems you should wait a couple of months before buying/selling”  or, conversely “Aman and Terrise don’t delay, buy now! …cause taxes/interest rates are likely to climb”. I don’t keep a tab on this statistic, BUT I can’t remember how many 1st time buyers have not heeded the advice to “act now” (lots though). The phrase “I’m waiting for the prices to drop” rings repeatedly in my ears. Alas the ‘investor buyer’ has been a major influence of late on the ability for first timers to be able to afford to own their first home.

December 2017 Numbers

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Now to the YTD figures as we embark upon the final month of 2017 and with  Christmas a mere few weeks away.  North Van detached homes sold are down 18% (978 vs 1194 last year) on a YTD basis, attached (t/hses) down 12% from last year and apartments down 2%. The detached median price is up 5% and inventory now up 62% from 2016. Median prices (t/hses) up 17% and up 29% for (apts). Inventory (t/hses) up 63% from Nov 30th 2016 and (apt) up 79% from last year for the same date.

In West Van, detached number of sales YTD for Nov 30th 2017 is down by 40% from last year at that time. Median price of what has sold is down 3% from last year and inventory now up 41% from Nov 30th 2016. On the condo side, attached (t/hses) sold by Nov 30th 2017 are up125% from 2016. Active attached (Thse) listings at 7 are up from 4 on Nov 30th 2016. Apartment sales are unchanged 2017 vs. 2016 – median price for (apts) sold are also unchanged for this period. Inventory (apts) up 113% over Nov 30th 2016.