{"id":13900,"date":"2019-10-11T10:10:09","date_gmt":"2019-10-11T17:10:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13900"},"modified":"2019-10-08T15:39:50","modified_gmt":"2019-10-08T22:39:50","slug":"vancouver-housing-market-easing-towards-more-balanced-conditions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouver-housing-market-easing-towards-more-balanced-conditions\/","title":{"rendered":"Vancouver Housing Market Easing Towards More Balanced Conditions"},"content":{"rendered":"<p style=\"text-align: justify;\">With much-boosted supply offsetting intensified demand, Vancouver\u2019s housing market is steadily moving towards better balance, according to the Real Estate Board of Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">A total of 4,866 homes were newly listed in September, amounting to a 29.9% increase compared to August, and a 7.8% year-over-year drop.<\/p>\n<p style=\"text-align: justify;\">Sales transactions swelled by 46.3% annually last month, with a total of 2,333 homes sold. This was just 1.7% lower than the 10-year average for September, and a massive increase from the 1,595 deals closed during the same time last year.<\/p>\n<p style=\"text-align: justify;\">At the same time, overall prices veered lower. The composite benchmark price across all housing types in Metro Vancouver declined by 7.3% annually and 0.3% monthly in September (to $990,600).<\/p>\n<p style=\"text-align: justify;\">Single detached homes saw their benchmark price drop by 8.6% year-over-year, while condos had a 6.5% decrease. Attached home prices went down 7.2%.<\/p>\n<p style=\"text-align: justify;\">Over the past few months, Vancouver prices have experienced decreases, while much of Canada has gone up.<\/p>\n<p style=\"text-align: justify;\">The Teranet \u2013 National Bank of Canada House Price Index released last month showed that Vancouver\u2019s average housing price (across all asset classes) fell by 6.63% year-over-year in August, bringing composite prices down by 6.96% from the peak seen in July 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cThe city\u2019s index has shown negative growth every month this year,\u201d Better Dwelling stated in its analysis of the data \u2013 an observation that has been echoed in a CREA study.<\/p>\n<p style=\"text-align: justify;\">\u201cIn recent months, home prices have generally been stabilizing in British Columbia and the Prairies, a measure which had been falling until recently,\u201d the CREA noted recently.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-housing-market-easing-towards-more-balanced-conditions-306835.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Housing Market Easing Towards More Balanced<\/a> Conditions by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With much-boosted supply offsetting intensified demand, Vancouver\u2019s housing market is steadily moving towards better balance, according to the Real Estate Board of Greater Vancouver. A total of 4,866 homes were &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouver-housing-market-easing-towards-more-balanced-conditions\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13900","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Housing Market Easing Towards More Balanced Conditions &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouver-housing-market-easing-towards-more-balanced-conditions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Housing Market Easing Towards More Balanced Conditions &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With much-boosted supply offsetting intensified demand, Vancouver\u2019s housing market is steadily moving towards better balance, according to the Real Estate Board of Greater Vancouver. 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