Although these market statistics are about last month, this information can give you some insight into overall market health. Listing inventory, days on market, absorption rates and percentage of sale price to list price, etc., can help you predict future trends. Ask me how!
CHANGES SIDELINE BUYERS AND ALTER MARKET
VANCOUVER, B.C. – April 2, 2019
It seems that the steps taken to improve affordability in the market have had an impact, it just may not have been the intended one. The latest sales to active ratio by property type is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and 17.2 per cent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period. So if you are thinking of buying or selling, be sure to get expert, up to date advice from a real estate professional...like me! Let me help you make the most out of your move. In the meantime you can get the full Real Estate Board of Greater Vancouver statistics by clicking the link below...
The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.Typical homes are defined by the various quantitative property attributes. These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver. The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.