This blog post discusses the overall Metro Vancouver real estate market conditions. The market is determined by supply (active listings), demand (how many sales), and external factors that drive the housing prices.
In August of 2019, there were 2,231 sales in Metro Vancouver. This is up 15% from the previous year. As can be seen in the graph, August was the fourth month in a row with more than 2000 sales in the month. This is closer to more historically level sales.
As a result, supply of homes is not accumulating as it did in the first 6 months of 2019. There is more demand and we are seeing more balanced market conditions.
Price is, of course, driven by supply and demand. The Sales-to-Active Listings Ratio compares the sales to active listings. This ratio is currently 17% which is indicative of a balanced market. The market is not favouring either buyers or sellers.
Of course, market conditions can vary from neighbourhood to neighbourhood. This blog post just explores the overall conditions of the market in Metro Vancouver. If you are interested in a specific neighbourhood, reach out to me and I can provide you with more detailed and specific information!