March 2018 sales down 29.7 percent from March 2017, prices continue to rise in most categories
The stats are in for the first quarter of 2018 and sales are at their lowest since 2013.
Factors that have contributed to this slowdown include high prices, new tax measures and most importantly, rising interest rates combined with tougher mortgage qualification requirements and lack of new inventory.
Although low inventory affects volume of sales it also contributes to the continued increase in prices in the condo and attached markets. Some higher end Single Homes are seeing a levelling off or small downward trend in prices but this adds pressure on more affordable homes that continue to rise in value. Overall, prices of homes have increased 16.1 percent since March 2017. The sales to active listings ratio in March for Single Homes is 14.2 percent, Townhomes 39.9 percent and Condos 61.6 percent.
These stats can vary drastically depending on the price points and different sub areas around Greater Vancouver.
If you would like more detailed information on sub areas of interest to you please feel free to contact me and I am happy to oblige.