{"id":8325,"date":"2018-02-20T09:12:40","date_gmt":"2018-02-20T17:12:40","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8325"},"modified":"2018-02-20T09:12:40","modified_gmt":"2018-02-20T17:12:40","slug":"vancouver-single-family-homes-are-now-in-a-buyers-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/vancouver-single-family-homes-are-now-in-a-buyers-market\/","title":{"rendered":"Vancouver Single-Family Homes Are Now in A Buyer’s Market"},"content":{"rendered":"

It would have been hard to imagine not long ago, but Vancouver’s single-family home market is on the verge of a downturn. In fact, prices have already started to fall.<\/p>\n

Data from the Real Estate Board of Greater Vancouver, released Friday, shows detached home sales in January were 24.8% below the running average for the month.<\/p>\n

And a key indicator of the market’s health is flashing warning signs.<\/p>\n

The sales-to-active-listings ratio, a measure of supply and demand in the market, has fallen to 11.6% for single-family homes, meaning there were 11.6 homes sold for every 100 on the market in January.<\/p>\n

The REBGV says that a persistent ratio below 12% results in “downward pressure on house prices.”<\/p>\n

And in fact prices for single-family homes have turned downwards. Though the benchmark price of $1.602 million is still 8.3% higher than a year ago, it has turned negative recently, and is down 0.3% since December.<\/p>\n

“Buyers in the detached market are facing less competition and have much more selection to choose,” REBGV Jill Oudil said in a statement.<\/p>\n

“For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”<\/p>\n

That’s a diplomatic way of telling home sellers they may want to consider cutting their asking price.<\/p>\n

Action shifts to condo market<\/p>\n

Market observers say that in Vancouver, as in Toronto, runaway growth in single-family home prices has prompted new buyers to switch their focus to the condo market.<\/p>\n

And as in Toronto, Vancouver is seeing a boom in the condo segment. Sales of apartments were up 22.7% in January compared to a year earlier, REBGV said, and the sales-to-active listings ratio was 57.2%, suggesting price growth ahead.<\/p>\n

That’s on top of the price growth that has already happened. Apartment prices jumped 27.4% over the past year, to an average of $665,400, REBGV said.<\/p>\n

It all has to do with the astronomical costs of single-family homes in Canada’s most expensive cities these days, the experts say.<\/p>\n

“To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability,” Royal LePage CEO Phil Soper said in a report last month.<\/p>\n

“This is especially true for first-time buyers whose purchasing power has been reduced by tightening mortgage regulations.”<\/p>\n

But Vancouver is still a long way from returning to affordability. In a survey from research firm Demographia released last month, Vancouver retained its spot as the third-least affordable city in the world, behind only Sydney, Australia, and Hong Kong.<\/p>\n

Toronto rose to 21st place on that list.<\/p>\n

Vancouver Single-Family Homes Are Now in A Buyer’s Market<\/a> by Daniel Tencer | Huffington Post<\/p>\n","protected":false},"excerpt":{"rendered":"

It would have been hard to imagine not long ago, but Vancouver’s single-family home market is on the verge of a downturn. In fact, prices have already started to fall. … [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-8325","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nVancouver Single-Family Homes Are Now in A Buyer's Market • 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\/2018\/02\/vancouver-single-family-homes-are-now-in-a-buyers-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Single-Family Homes Are Now in A Buyer's Market • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It would have been hard to imagine not long ago, but Vancouver’s single-family home market is on the verge of a downturn. 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