Attached homes still leading the market in Greater Vancouver
September’s stats continue to show the trend of attached homes leading the market.
The sales to listings ratio for apartments was 60.4%, townhomes 42.3% and Single Homes 14.5%. Anything over a 20% ratio is considered a buyers’ market. The detached market overall is now considered to be a balanced market. Lack of attached property supply and tightening lending policies for buyers that were previously looking for detached properties continues to drive demand for the attached market.
The most interesting stat in September’s report indicates that detached homes made up 62% of the total inventory of homes for sale but accounted for only 30% of the sales.
This highlights the disparity in inventory levels between attached homes versus Single Homes.
It is important to remember that these are overall stats for Greater Vancouver and the sales to listings ratios for different areas and price ranges can often vary quite drastically. If you are considering entering the real estate market it is important to be well informed about the market conditions for the home type, price range and sub areas that you are interested in. If you would like more specific information that meets these requirements feel free to contact me and I will be happy to pass this information along to you and answer any other questions you might have.