A recent report indicates that the housing market in Metro Vancouver is showing signs of recovery following a period of decline due to increased inventory and economic uncertainty.
According to the latest data from Greater Vancouver Realtors, home sales in August have started to pick up, with a 2.9% increase compared to the same period last year. Despite this positive trend, the total number of sales, which reached 1,959, remains approximately 20% below the ten-year average for August.
Andrew Lis, the director of economics and data analytics at GVR, noted that sale prices have slightly decreased by around one per cent from the previous month. He attributed the uptick in sales to a better alignment of sellers’ and buyers’ expectations, leading to increased transaction volume. However, Lis cautioned that the inventory may soon shrink as sales activity rises, potentially limiting opportunities for buyers in the near future.
In related news, the benchmark price for residential properties in Greater Vancouver was reported at $1,150,400. Meanwhile, in the Fraser Valley, home sales experienced a 13% decrease year-over-year and a significant 22% drop from the previous month in August.
Despite the decline in sales, the Fraser Valley Real Estate Board emphasized that the market remains robust, with inventory levels holding steady. Board Chair Tore Jacobsen highlighted that current market conditions are favorable for buyers to make competitive offers, especially on properties that have been listed for an extended period. Jacobsen expects more buyers to enter the market in the coming months to take advantage of the lower price point.
The composite benchmark price in the Fraser Valley dipped by 0.9% in August, settling at $936,200.