DATE

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.

GET MONTHLY VANCOUVER CONDO STATS TO YOUR INBOX

 

Join the Monday Newsletter

Every Monday morning you'll receive a short and entertaining round-up of news on the Vancouver & Canadian Real Estate markets.

"*" indicates required fields

The Canadian Economy

Steve Saretsky -

Happy Monday Morning! Central banks finally broke something. After leaving rates hovering near zero for over a decade and engaging in trillions of dollars worth of QE (Quantitative Easing) you can’t simply raise interest rates by 400bps in less than a year without something going boom in the night. It...

Steve Saretsky -

Happy Monday Morning! Canadian banks reported first quarter earnings this past week. Those earnings provided an important glimpse into what’s shaping the nations housing market. Deep in the footnotes, CIBC reported that $52-billion worth of mortgages – the equivalent of 20% of the bank’s $263-billion residential loan portfolio were in a position...

Steve Saretsky -

Happy Monday Morning! Some good news on the inflation front in Canada this past week. Headline inflation ticked in at 5.9% year-over-year, below market expectations of 6.1%. Inflation in services, which is one of the key figures policymakers are watching, eased to 5.3%, from 5.6% in December. The Bank of...

Steve Saretsky -

Happy Monday Morning! National housing figures dropped this past week, and it wasn’t pretty. January home sales fell 37% year-over-year, a sharp decline from the blistering hot bull market of January 2022. When you zoom out further, this January was the slowest since 2009. However, balancing this out was a...

Steve Saretsky -

Happy Monday Morning! Those holding their breath for an easing in mortgage rates were delivered some tough news last week. The Canadian labour market added 150,000 jobs in January, more than TEN times economist estimates. Let’s not forget that December jobs numbers were TWENTY times estimates. Just what the hell...

Get the Saretsky Report to your email every month

The Saretsky Report. December 2022