Click on image to play video
Sales of apartments, patio homes and townhouse are down by between 59% and 86% when compared with April 2019 and the number of units listed is down by between 38% and 73%
Single family home sales are down by 47% and the number of homes listed during April is down by exactly the same amount – 47%. Also, the total number of houses that were for sale during the month is down by 19% when compared with April of last year.
With regards to the average house price, this is just slightly higher than April 2019 but is similar to the average we saw in March.
So, what does that mean for the market. If we do start to see more properties being listed, but the number of sales continues to trend down, that is when we can see the market shift to favour...
The local real estate board (Vancouver Island Real Estate Board - VIREB) produce a buyers report and the following information is from that report. The report is based on 2018 numbers (the 2019 report is not out yet) but is a good indication of what is happening here.
The full report can be found at: http://www.vireb.com/assets/uploads/2018_buyer_profile_1840.pdf
There are 3 questions we commonly get asked by sellers:
1- Where are the buyers coming from?
2- What are they buying?
3- How are buyers becoming aware of properties?
You can see that the majority of buyers are coming from either Vancouver or Vancouver Island, are purchasing a single family (freehold) home as their principle residence and are using internet based searches to research homes for sale.
The report has much more...
I recently received a copy of a report on housing affordability in different markets around the world which was quite interesting.
The report title is '16th Annual Demographia International Housing Affordability Study: 2020', was published by Demographia and Performance Urban Planning (http://www.demographia.com/dhi.pdf and www.PerformanceUrbanPlanning.org) and was based on data from the 3rd quarter 2019.
Below is a summary of the most affordable and least affordable markets in different countries (the higher the number the least affordable it is.)
1. Fort McMurray, AB
=2. Fredericton, NB
=2. Saint John, NB
4. Cape Breton, NS
48. Victoria, BC
49. Toronto, BC
50. Vancouver, BC