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Vancouver real estate sales continue to cool, but prices aren’t dropping

The number of homes sold in Metro Vancouver continued to drop last month, but the benchmark price remained stable, according to new numbers from the Real Estate Board of Greater Vancouver.

In total, 2,253 homes were sold in September, a decrease of 9.5 per cent compared to August 2016, and a drop of 32.6 per cent compared to September 2015.

But the benchmark price for all residential properties in Metro Vancouver remained stable at $931,900 — a 0.1 per cent decline compared to August 2016, but a 28.9 per cent increase compared to September 2015.

The sales drop follows the introduction of a 15 per cent tax on foreign buyers by the provincial government in early  August.

“There’s uncertainty in the market at the moment and homebuyers and sellers are having difficulty establishing price as a result,” said board president Dan Morrison in a statement Tuesday morning.

He notes the slowdown in sales was most significant for detached homes, but benchmark prices remain flat for all types of homes.

“Supply and demand conditions differ today depending on property type. We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

Breaking down the numbers

Sales of detached properties decreased 47.6 per cent last month from September 2015. 

The benchmark price for detached properties is $1,579,400 —  a 0.1 per cent increase from August 2016, and a 33.7 per cent rise from September 2015.

Also in September, sales of apartment properties decreased 20.3 per cent compared to September 2015.

The benchmark price of an apartment property is $511,800 — down 0.5 per cent from to August 2016, but up 23.5 per cent from September 2015.

Sales of attached property decreased 32.2 per cent compared to September 2015.

The benchmark price of an attached unit is $677,000 — down 0.1 per cent from August 2016, but up  29.1 per cent from September 2015.

Last month, the real estate board released statistics showing the number of sales in the region dropped 26 per cent in August compared to the same month in 2015.

In July, sales were down 18 per cent compared to the same month in 2015.

Article source: http://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-sales-1.3790373?cmp=rss