And just like that, we're already five months into the year! Time sure flies, doesn't it?
As usual, here's the latest on how the market is doing within some areas covered by the Real Estate Board of Greater Vancouver (REBGV)!
For the general Metro Vancouver area however, it appears that the downward trend that we have been seeing in the previous months continues to appear. According to the REBGV's monthly report, we are seeing that the “housing market saw fewer home buyers and more home sellers in April.”
According to REBGV's president, Phil Moore, we are currently experiencing “a 17-year April low.”
In his statement from the latest REBGV press release:
“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we've seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers' purchasing power and they're being felt on the buyer side today.”
Further supporting this downward trend are recent studies that indicate that new federal mortgage requirements have impacted the home buying power of millennials, shrinking it by $40,000.
However, there is also a hint of optimism, as Moore also states that “Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against.”
The following data is a comparison between April 2017 and April 2018 numbers, and is current as of May 2, 2018. For last month's update, you can check out our previous post for March 2018 data.
These infographics cover current trends in North Vancouver, West Vancouver, Vancouver East, and Vancouver West.
Click on the images for a larger view!
(Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we've added an area on the sheet where you can attach your business card! )
Blog post published originally on Myrealpage.com