{"id":4378,"date":"2016-12-22T10:10:50","date_gmt":"2016-12-22T18:10:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4378"},"modified":"2017-01-20T14:07:24","modified_gmt":"2017-01-20T22:07:24","slug":"major-investor-hotspot-no-longer-sellers-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/major-investor-hotspot-no-longer-sellers-market\/","title":{"rendered":"Major Investor Hotspot No Longer Seller\u2019s Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Real estate association tries to find the positive in a downward trending market.<\/p>\n<p style=\"text-align: justify;\">\u201cBC home sales trend toward ten-year average,\u201d the British Columbia Real Estate Association proclaimed in its latest sales report.<\/p>\n<p style=\"text-align: justify;\">\u201cModerating consumer demand in the province&#8217;s largest population centres continues to trend home sales toward the ten-year average,&#8221; Cameron Muir, BCREA Chief Economist, said. \u201cThe seasonally adjusted annual rate of MLS\u00ae residential sales was approximately 89,000 units last month.<\/p>\n<p style=\"text-align: justify;\">The ten-year average is 83,000 unit sales, while the 15-year average is 85,300 unit sales.\u201d<\/p>\n<p style=\"text-align: justify;\">But is that the big story?<\/p>\n<p style=\"text-align: justify;\">For investors with interests in the province, not likely.<\/p>\n<p style=\"text-align: justify;\">Sales were down 20.1% year-over-year in November, coming in at 6,419 total residential sales.<\/p>\n<p style=\"text-align: justify;\">Prices also took a dip, falling 6.4% year-over-year to $625,871.<\/p>\n<p style=\"text-align: justify;\">Vancouver, specifically, had a tough month. Unit sales fell 37.4% to 2,225 and the average price dropped 3.8% to $895,084.<\/p>\n<p style=\"text-align: justify;\">According to the Canadian Real Estate Association, Vancouver is no longer a seller\u2019s market<\/p>\n<p style=\"text-align: justify;\">\u201cA sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers\u2019 and sellers\u2019 markets respectively,\u201d CREA said in its monthly stats release. \u201cThe ratio was above 60 percent in almost half of all local housing markets in November, the vast majority of which are located in British Columbia, in and around the Greater Toronto Area and across Southwestern Ontario.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Greater Vancouver, the ratio has moved out of sellers\u2019 market territory and into the mid-50 percent range.\u201d<\/p>\n<p style=\"text-align: justify;\">Still, it\u2019s not all bad news.<\/p>\n<p style=\"text-align: justify;\">\u201cYear-to-date, BC residential sales dollar volume increased 22.8% to $74.5 billion, when compared with the same period in 2015,\u201d BCREA said, again focusing on the positive. \u201cResidential unit sales climbed by 12.1% to 107,488 units, while the average MLS residential price was up 9.6% to $692,745.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/major-investor-hotspot-no-longer-sellers-market-218733.aspx\" target=\"_blank\">Major Investor Hotspot No Longer Seller\u2019s Market<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate association tries to find the positive in a downward trending market. \u201cBC home sales trend toward ten-year average,\u201d the British Columbia Real Estate Association proclaimed in its latest &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/major-investor-hotspot-no-longer-sellers-market\/\">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-4378","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Major Investor Hotspot No Longer Seller\u2019s Market &#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\/2016\/12\/major-investor-hotspot-no-longer-sellers-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Major Investor Hotspot No Longer Seller\u2019s Market &#8226; 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