The Vancouver market continued it’s slow and gradual descent in the month of November. Home purchases are seasonally slower this time of year, however this year has been particularly quiet and that should come as no surprise to anyone who has been following the market. Across the city of Vancouver home sales slid 42% compared to the same month last year. To put this into context, this was the fewest home sales in ten years for the month of November. Inventory continued to climb, increasing 22% from last year and as a result of the weak sales and rising inventory, has now pushed prices lower across all property segments. Lending continues to tighten across the big banks with some of that slack being picked up by private lenders who issue higher rates and shorter loan terms. Both buyers and sellers are struggling to adjust to the changing market conditions.
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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