November 2018 Market Update
As we move towards the holiday season, it is easy to view the stats and media coverage as all doom and gloom. The volume of sales in November in all sectors of the Vancouver market is well down from both last month and this time last year. Prices are also being impacted, albeit only nominally in the condo market year over year.
Interestingly though the listing inventory is also shrinking. You would expect this as the year draws to a close, but more notable is that listing numbers are lower in all categories in the city than they were in November 2017.
The first real indicator of where things are going, and what if any impact it might have on prices, will be as we move into the New Year. If buyers continue to sit back and sellers come back in numbers in the spring, then more downward pressure on prices is inevitable. However we are not sensing any panic in the market when it comes to the city itself. Time and again in Vancouver, if the market slows, especially in the more established/central areas, sellers tend to back off and wait it out. Such is the pressure and demand to live centrally that buyers will always make it their first choice, and if the supply here remains limited the prices will hold.
One thing is for certain. Current market conditions are making for a much more pleasant experience for buyers. The slower pace is allowing for more thoughtful decision making, less hurried due diligence and yes even being able to spend more than 15 minutes in a property, before making the biggest investment of your life. Long may this part at least continue!