Home sale prices hit an all-time high back in 2017 with median prices leveling off in 2018 and the prices have been on the decline thus far in 2019. This is great news if you are a buyer, not such great news if you are a seller. This time of year is usually among the busiest but June sales were down over last year by almost 7%, still that is better than sales for May. Condo and townhome sales had a much bigger decline coming in at an average of 30% fewer sales than last year.
The Local Economy
The province overall still has a healthy housing economy but affordability continues to be an issue. Purchasing power is lower and it is still hard for the average person to get into the property market. Millennials in particular are buying fewer houses than previous generations. Changes to Guideline B-20 have impacted those who can qualify for a mortgage. Even those that can afford the monthly payments still don’t qualify.
If you are a buyer and you qualify for financing then you’re in luck it really is a buyer’s market here. The inventory of single family homes is 20% higher than the previous year, giving you plenty of homes to choose from. Condo listings were also on the rise while the number of townhomes has declined slightly. Despite all of that selling prices are still up over previous years the median price of a single family home coming in at around $514, 000. Condos are significantly cheaper if you are looking for an entry into the property market, the median price of a condo is just over $300,000.
For years the market in BC favored the seller, with housing prices shooting through the roof. Greater Vancouver being the most aggressive market in the province eventually spilling over into the surrounding municipalities and that drove up housing prices. Now the market has corrected itself and it is a little more balanced. Buyers are starting to shop more based on price rather than availability and sellers have to price their houses more aggressively in order to ensure a quick sale. For those entering the property market it is just a bit easier.
If you are looking to buy or sell your home then your best bet is to work with a realtor who understands the local market. They can help you look for the right house at a price that you can afford.