A report released by the Real Estate Board of Greater Vancouver on September 5th says that while prices remained relatively stable in the Greater Vancouver Area, realtors saw the second-slowest August for residential property sales since 1998.
The report notes that “residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.”
In the press release, Eugen Klein, president of the REBGV, said that “Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices.”
It is currently taking an average of two months to sell a home in the Greater Vancouver Area.
Klein argues that the numbers point toward a buyer’s market. “Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market,” he said. “This ratio has been declining in our market since March when it was 19 per cent.”