Real estate activity continued to wane through October, as buyers and sellers appear at odds over the direction of the market and prices.

 

Total inventory has risen steadily from the spring, while at the same time the number of sales have dropped sharply, a clear indication of a transitioning market.

 

Consensus among buyers is that with record high sale prices, the foreign buyer tax, and stricter mortgage rules, prices should trend lower. Because of this, unless properties offer good value now, buyers are taking a wait-and-see approach to their search.

 

In the absence of positive market news, we expect the stalemate between buyers and sellers to continue until list prices are in line with market conditions.

 

 

Total sales were off significantly across the North Shore compared to Oct 2015, down 41.7% in North Vancouver and 73.8% in West Vancouver. The slowest segment of the market was single family homes, which saw sales down 51.9% and 79.1% in North and West Van respectively.

 

Total listings continued to rise, ending the month with 597 in North Van and 538 in West Van. The silver lining is that listings remain well below historical levels, 17.7% below the 10 year average in North Van, and 18.5% below the 10 year average in West Van. That said, if activity continues at its current pace, we expect inventory levels to trend towards historical levels.

 

Click here to read the Real Estate Board of Greater Vancouver's statistics report.