A (Mostly) Steadier Pace.
Metro Vancouver home sales dipped below the 10-year monthly sales average last month. Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
The frantic pace that we saw earlier this year has disappeared. Buyers seem to be taking more of a wait and see attitude. However, certain markets are still very strong.
The sales-to-active listings ratio is really interesting! Look at the differences in property types on the North Shore.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.