Here is a quick summary of what happened in the Vancouver real estate market during the month of October. If you would like a complimentary copy of the complete report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at email@example.com.
Bonjour Dear Friends!
Number of Sales: 2,661 or 37.8% increase compared to 1,931 sales recorded in October 2012. October had 7.2% increase in sales compared to the 2,483 sales in September 2013. Sales are 2.7% higher when we take a look at the 10-years sales average for the month.
Percent of Original List Price Received at Sales: 96.4%, which is 1% higher than October 2012 at 95.4%.
Sales-to-Active-Listings Ratio: 17.4% vs 10.6% in October 2012 and the 8th consecutive month over 15%. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22%. Balanced conditions continue in the Greater Vancouver housing market, a market state that we have experienced for the last nine months.
Total Inventory: 15,257, a decline of 12.2% compared to this time last year, and a decline of 5.3% decline compared to September 2013.
Average Days on Market: 56 days vs 62 days in October 2012. If we take a closer look at Downtown, the average days on market was 24 days vs 30 days in September 2013. It seems that the properties were well priced, which explains why it took less time to sell Downtown. The inventory in Downtown was also lower in October 2013 vs September 2013.
Latest Economic News: As I mentioned on my LinkedIn and Twitter posts, there’s good news on the interest rate front. Bank of Canada’s (BoC) maintained its prime rate at 1%, however with one slight difference. Since 2012, the BoC’s report has included a tightening bias, warning Canadians that rates would soon rise. That bias was removed from BoC Governor Stephen Poloz’s recent report. Instead he is planning to hold the interest rate at these low levels at least into 2015. The reason? Low inflation and a slow economy.
Since the financial crisis, Canada’s Conservative government, concerned about the risk of a bubble and high levels of household debt, has tightened mortgage lending rules four times. Jim Flaherty, Canada’s Finance Minister, said the government would intervene in the Canadian housing market only in the event of bubble-like indicators, something he did not see right now.
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A recent article in the Business in Vancouver newspaper underlined the appeal of Surrey for businesses and Real Estate. “We are seeing companies from Vancouver who are expanding out here because they recognize that this is the new city centre.” Randy Heed, Senior VP Colliers International.
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To access the complete SnapStats report (PDF) for the month of October 2013 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org.
How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:
– What is the sales ratio of where I live or where I want to live?***
– What is the trend on inventory, price and number of sold properties for the last 13 months?
– Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!
***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market