The Ruth & David Group Podcast 003 | January Market Update

Vancouver Real Estate Market Update

Jeff Benna, Realtor at RE/MAX Real Estate Services joins David for The Ruth & David Group Podcast #3! What’s happening in the market? Can we predict where the market’s heading?

An important concept used in real estate to predict home prices and sales activity is the absorption rate. This is the number of months it would take to sell the currently listed homes in the market.

Current Stats

Vancouver West Detached = 27 months’ supply
Vancouver West Attached = 8 months’ supply
Vancouver West Condos = 4 months’ supply

East Vancouver Detached = 13 months’ supply
East Vancouver Attached = 6.7 months’ supply
East Vancouver Condos = 3.5 months’ supply

What about Pricing?

Less than 4.5 months supply = upwards pressure on prices
4.5 to 9 months supply = balanced market
More than 9 months supply = downwards pressure on prices

What we see for detached homes in both the west side and east side, is a downwards pressure on prices. For attached homes, it is roughly balanced. Apartments show an upward pressure on prices with reasonably strong demand.

Last year, in January and February, we saw little inventory and a huge demand, resulting in a huge run up in prices. With all the uncertainty with taxation and rules implemented by the government, we saw homeowners step back; not wanting to list, nor wanting to buy, causing a market slowdown.

Conversely, people who want to buy and get into the market are still going strong.

Contact Us

What are your thoughts on the market? Thinking of buying or selling? When you’re ready, we’re ready.

Contact The Ruth David Group at 604-782-2083
Contact Jeff Benna at 604-868-1651

Any topics you’d like us to cover? E-mail us at [email protected] and let us know!
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EPISODES
Podcast 001 | Interesting Stories in Real Estate
Podcast 002 | Goal Setting