VANCOUVER BC: What all of this means?? Real Estate Markets are affected by several and different factors, such as, mortgage rates, inflation, investment, construction between others, but also by factors like immigration that is a strong topic lately here in Vancouver. This markets affected by all this factors are basically a mix of supply and demand and then based on that categorised on Seller Market, Buyers’ Market and Neutral or Balanced Market. Now the obvious question what each one of this markets really are?
*What Sellers’ Market is??
A Seller Market is basically when is more Buyers than Sellers, that means the Sellers have the power, to say it like that, in other words when is more people (Buyers) looking to buy a property, than people(sellers) wanting to sell their properties, so is not enough inventory for all the buyers. And this typically happens when is sales-to-active listings ratio of 20% or higher. For the past 1 year period, Vancouver has experienced a very roustabout sellers market. However, we’re all very keen to watch-and-see what happens with the new foreign tax on real estate acquisitions and how that might play a role in a dominant seller or buyers market.
*What Buyers’ Market is??
A Buyers’ Market is the opposite of a Sellers’ market because, in this case the Buyers are the ones in “Power”, because it means are more properties on the Market than Buyers wanting to purchase properties. And we can say that this happens when sales-to-active listings ratio below 12%.
*What a Neutral/Balanced Market is?
Now a Neutral or Balanced Market as the name say it, is a equilibrium between Supply and Demand of Housing, so is a very similar amount of properties on the market than buyers willing to purchase the properties. And this typically happens in the case that the sales-to-active listings ratio between 12% and 20%. What about Grater Vancouver what type of market are we today?? We can definitely see an impact of the 15% tax to international buyers affecting the housing market, and at November we can see that the market speed is of 34% that means that buyers take out your boxing gloves because we are on a Sellers’ Market.
You want to know why? Wait for the next coming article and learn why we are on a Sellers’ market, what the trend is and what to expect from it.
*Current Market Data*
Image Credit: FVHFs
According to the Fraser Valley Real Estate Board Sales have increased slightly as inventory hits a 10-year-low for the month of October. In terms of sales processed: 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016.
Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain. To review full news release issued by the local Fraser Valley Real Estate Board, Go Here.
Why choose Priscila Yanez?
The author of this news release was written and produced by Priscila Yanez, a Realtor for Sutton WestCoast Realty. She is also an expert author for BCHN Housing News Ltd (bchn.com). Join the discussion, with over 10,000 active facebook followers found at: BC Housing News | Facebook Fan Page
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