Busy October in Vancouver
October sales numbers are 45% higher than October of 2019 and 22% higher than last month.
Prices are still below October of 2018, however they are slightly higher than September 2019 as buyer activity is strong and number of new listings are decreasing.
What is quite remarkable in to today’s real estate market is the disconnect between the luxury market and the rest of the market: While the luxury market continues to struggle the rest of the market has been quite active with buyers competing with each other at times. The final purchase price in multiple offer situations is still under the listing price in most cases.
As you can see the Board report below, the luxury market remains in the buyers’ market territory. In my opinion, this will continue as long as the previous pool of foreign buyers is absent from the market.
The surge in sales has resulted in a decrease in inventory levels and has slowed down the downward trend in sale prices.Without an increase in new listings, it is unlikely to see substantial price decreases that marked the first half of 2019.