Listing of properties for sale continue, but actual sale statistics are not that good. On the same time property prices keep on surging without a break. Average price, which is about 12% percent more than previous year, though remains around $1 Million mark, keeping buyers away from the market.
Real Estate Board of Greater Vancouver’s President Dan told about the great imbalance between demand and supply, as there are lesser buyers compare to increasing volume of MLS for sale. Amazingly 56.3% was the actual ratio of Sales to active listings recorded in the month of June this year which clearly indicated it is a seller’s market as ration is above 21 % which is the limit to be crossed to mark market as seller’s market.
Price growth is slowing in the Lower Mainland while The Fraser Valley led price growth in the country with a year-over-year gain of 24 %. It seems like prices have reached peak and hence many new buyers are bit cautious while making deals at this period of time.
The Fraser Valley led price growth in the country with a year-over-year gain of 24 per cent.
Stats from Canadian Real Estate Association (CREA) in mid of July clearly indicated overall conditions in the whole nation. According to CREA, national home sales fell about 0.9 % and newly listed home rises about 2.2 % , taking The MLS® Home Price Index (HPI) to 13.6% (rise) in the month of June this year. Prices in 9 of the 11 markets recorded gains in June, price growth continues to vary widely among housing markets.