Vancouver’s housing market continued its bumpy ride in October. As has been the case throughout 2018, each month has brought weaker than normal sales, rising inventory, and continued downwards pressure on prices. Across the city of Vancouver, which has been the leading indicator for future movements in the outlying suburbs, home sales fell 27% year-over-year in October. This allowed inventory to grow by 24%, pushing prices lower across all property segments. Meanwhile, the macro economic landscape continues to suggest we are in the late stages of this credit cycle with home sales, and housing starts declining across Canada. Further, with the Bank of Canada determined to reach a neutral rate of interest of between 2.5-3.5%, borrowing power continues to erode. Market activity seems poised to remain sluggish in the dark winter days ahead.
Steve is a regular speaker at industry events, hosts an online video series ‘The Saretsky Show’, and authors the popular “Saretsky Report” which is read by over 7000 subscribers.
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