Conditions in the Vancouver housing market favour the buyer, according to a news release from The Real Estate Board of Greater Vancouver.
“Today, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer’s market,” said REBGV president Eugen Klein. “This ratio has been declining in our market since March when it was 19 per cent.”
The REBGV reports that residential property sales of detached, attached, and apartment properties reached 1,516 in September.
This is a 32.5 per cent decline compared to the 2,246 sales in September 2011. It is also an 8.1 per cent decline compared to the 1,649 sales in August 2012.
September 2012 sales were below the 10-year September sales average by 41.6 per cent.
New listings saw a 6.3 per cent decline to 5,321 in September year-over-year and a 31.6 per cent decline compared to August 2012. However, the total number of residential property listings increased 14.1 per cent to 18,350.
“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two,” said Klein.
Sales of detached properties saw a decrease of 37.9 per cent year-over-year and sales of apartment properties saw a decrease of 26.7 per cent year-over-year.