The Real Estate Board of Greater Vancouver released its data reports as May 2018 comes to a close. The significant decrease in single-family home sales as compared to May 2017 has many suggesting that the market is on the verge of a price correction.
Phil Moore, president of the Board, says that because of the low sales number and a nearly 10 per cent jump between April and May of newly listed properties, selection is at its highest level in two years and we're now starting to see a supply surge.
Although the sales-to-active listings ratios for townhomes and condominiums are higher at higher percentages, well above the 20 per cent mark in fact, the board says can trigger upward pressure on prices for single-family homes.
"For home sellers to be successful in today's market, it's important to price your property competitively given the shifting dynamics we're experiencing," Moore says in the release.
Why Does this Matter?
Although this data is pertaining to the Metro Vancouver area, we've seen in the past that data like this has a trickle effect and can be used as indicators for the future of the Fraser Valley. It's important to be aware of the future of the housing market and take into consideration that the continual increase of pricing may not last much longer as more supply hits the real estate market.