This is the November 2016 Real Estate Market update for East Vancouver, Vancouver West Side / Downtown Vancouver. This Market update highlights the past 12 months Active Listing numbers & sales numbers for these two neighbourhoods of Vancouver. This chart is easy to read and shows where the market has come from over the past 12 months regarding both Listings & Sales in these markets.
East Vancouver Vancouver Housing Market:
The East Vancouver Housing Market in November has seen a slight fall in listing numbers since October. This is at a slightly slower pace than we saw from the September to October period. The Sales for this same term actually saw an increase, at a slightly quicker pace than was seen in the October – November period. In general this segment of the market is in a positive state but is leaning in favour of Buyers.
East Vancouver Condo Market:
The East Vancouver Condo Market has seen a significant drop in listings between November & December. This is the exact opposite as what was seen in this segment of the market between October & November. In contract, the Sales numbers for the November to December period in this segment has seen a significant increase since the very flat October to November period. In general this is very much a Sellers market at the moment in this segment of the East Vancouver Market.
Vancouver West Side / Downtown Housing Market:
The housing market on the Vancouver West Side had a declining inventory of listings in the period between November & December. Listings in this segment of the market have been on a gradual decline since February of this year. This up until about June of this year had created a severe sellers market. However in the past 6 months of the year sellers leverage has been slipping with Buyers believing they have more time on their side. This is due to a variety of government rule changes affecting all aspects of the deal from the actual purchase to lending & tax flexibilities being manipulated to cool the market. Sales in this segment were on a decline until roughly August when things flattened out as it is still today.
Vancouver West Side / Downtown Condo Market:
The West Side Condo Market Listings have been in a steady decline since August of this year. Sales in this segment of the market have been in a steady decline since June and have flattened out in the November – December period. So sales here have been stable over the past month while listings are still declining. This shows that this segment is also in a “Buyers Market”.
The general thought process in the market at the moment is that its a Buyers Market & Buyers have time to sit on the sidelines and wait for sellers to drop their prices. There are a few who are purchasing now in anticipation that the market will take off again in the new year. Additionally there are a lot of people waiting in general assuming that a lot of listings will come onto the market in the new year and further add pressure to sellers to drop their prices. The January to March 1st quarter o the year will be VERY interesting to see how things unfold rolling into the typical spring market.
Contact me direct for any further questions you may have regarding the Vancouver Housing or Condo market throughout East Vancouver & the Vancouver West Side / Downtown Vancouver. 604-771-4606 / firstname.lastname@example.org.