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Multiple Offers Slow For Vancouver Condos In July

Steve Saretsky -

Number of Vancouver Condo Sales Sold Over Asking Price Dips to 49% In July

You know it’s a crazy market when you have to call 49% of Vancouver condos selling over asking price a slow down. While it’s probably not the number local buyers were hoping for, any slowdown is welcoming news.

In July, the percentage of Vancouver West condos which sold over asking price dropped from 53.9% in June to 48.6% in July.

Sales to Actives Ratio Also Falls In July

The sales to actives ratio which is key indicator when determining market conditions also slid downwards in July. The ratio fell from 68% to 43% for Vancouver West. This is part of a seasonal down trend which is expected this time of year, however, it’s also a decline of 7% year over year.

Vancouver condo sales to actives
Vancouver Condo Sales to Actives Ratio Drops to 43% in July, 2017.

Days on Market Remains Virtually Unchanged

Despite the minor slowdown, the days on market remains virtually unchanged. The median days on market for Vancouver West condos is 9 days, which is the exact same as it was a year ago.

Overall it’s a welcoming cool down, if you can even call it that. It sure beats a sales to actives ratio of over 200% for one bedroom condos on the East side.

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The Canadian Economy

Steve Saretsky -

Happy Monday Morning! Headline inflation ripped higher than expected this week, jumping back up to 4% for the month of August. It turns out Chrystia Freeland’s premature victory lap marked the bottom back in June. There’s a lesson here in base effects, you’d think her economics team would have tapped...

Steve Saretsky -

Happy Monday Morning! Over the past several months we’ve been highlighting the marked slowdown in residential building permits, a leading indicator of future supply. This is what happens when the cost of capital doubles, and in some cases, triples. This is a disaster in the making for a federal government...

Steve Saretsky -

Happy Monday Morning! The Bank of Canada moved to the sidelines once again, appeasing premiers in BC & Ontario who publicly pleaded with the BoC last week. It’s no secret these two provinces have the most to lose, their coffers largely built on a highly levered housing market, but we’ll...

Steve Saretsky -

Happy Monday Morning! A few weeks ago we summarized the cabinet shuffle, arguing the replacement of both the housing minister and immigration minister was simply rearring deck chairs on the Titanic. When new immigration minister Marc Miller was repeatedly questioned about rampant immigration putting strains on infrastructure and housing, he noted,...

Steve Saretsky -

Happy Monday morning! The Federal government is ramping up the noise amidst dismal polling numbers and a federal election only two years away. We had a cabinet shuffle just a few weeks ago, which included the immigration minister becoming the new housing minister. This week they arranged a housing retreat...

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The Saretsky Report. December 2022