As we had been calling for the past few months, Greater Vancouver home sales had likely bottomed and we would soon begin to see year-over-year increases. This was indeed the case in July, where home sales bounced, jumping 23% year-overyear. While the large increase in sales is certainly significant, it is also important to contextualize the increase. Last year ( July 2018) was the slowest month of July in eighteen years. Therefor, it was highly unlikely we would see sales weaken further. Instead, we saw sales increase, although still below the 10 year average for the month, while prices continued to inch lower. It appears lower prices, along with falling mortgage rates have certainly encouraged some buyers back into the market. Further, the labour market remains relatively strong, allowing willing buyers to obtain a mortgage and or leverage up in the housing market. However, overall market conditions remain very volatile with some segments exuding significant weakness, while other more affordable segments of the market remain much more resilient. Let’s unpack the month of July further.
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.
Want to book Steve for a talk at your event or conference? Get started below.