The lowest sales-to-listings ratio since 2000 has prompted the Real Estate Board of Greater Vancouver (REBGV) to declare that Vancouver is in a buyer’s market.
“The only thing that’s surprising is that prices are stable,” REBGV president Eugen Klein told Business in Vancouver August 2.
“Because of that, there’s a tug-of-war between the buyers and the sellers. Buyers are expecting the market to change so the deals that are going through on the homes that are selling, you’re seeing flat prices.”
The REBGV released data August 2 that showed home sales in Metro Vancouver continued to fall in July while listings rose resulting in a sales-to-listings ratio that has fallen for the fifth consecutive month.
The sales-to-listings ratio now sits at 11.6%, according to the REBGV.
That compares with a sales-to-listings ratio that was:
- 13% in June;
- 16% in May;
- 17% in April; and
- 19% in March 2012.
Klein said last month that a 13% ratio was at the lower end of a balanced market.
There were 2,098 residential property sales of detached, attached and apartment properties in July – 31.2% below the 10-year July sales average of 3,051. That’s an 18.4% decline compared with the 2,571 sales in July 2011 and an 11.2% decline compared with the previous month’s 2,362 sales.
