Vancouver Real Estate Stats Oct.2018 – 温哥华地产走势10月报告
Vancouver Real Estate Stats Oct.2018 – Vancouver Real Estate Board has reported that there were 1,966 homes sold in Metro Vancouver on Oct.2018. Compare to Oct.2017, there is 34.9% decrease. However, compared to Sept.2018, there were only 1,595 homes sold last month.
Even with 1,966 homes sold last month, it is still below the typical level. Let’s check the images below for Oct.2016 and 2017.
Image 1: 2,233 homes sold on Oct.2016
Image 2: 3,022 homes sold on Oct.2017
Compare the stats in these three years, the peak is in 2017??? Not really, Oct.2015, there were 3,646 resident properties sold. From 2015-2018; this Oct is below the average sales level.
What is happening? Why home sale activity keeps dropping. Might be……
- Hot money is having a difficult time to get in.
- House prices have already increased crazily in the past 3-4 years, once the hot money is gone, the market is going to slow for a while.
- Mortgage interest rate keep raising.
- Stress test.
- Hard to get a mortgage in nowadays.
There are so many more reasons for home selling activity slows down. Some buyers will ask us that is that good time to purchase a property in Vancouver now??? Before answering this question, we will always ask our buyers several questions first:
- Do you buy it for live in or invest?
- Are you looking for a short-term or long-term investment?
- Let’s say if purchased a condo value 1 million in 2018, but it will drop 10% in 2019; drop another 6% in 2020; can you stand with it?
- What if your condo price bounce 45% back in 2021? And increase another 15% in 2022.
Property invest is a long-term investment, and don’t forget there is around 60,000 increase in population in BC. However, no one can predict how the market goes – the price might drop more, and the price can also bounce back.
温哥华房地产走势 – 2018年10月月报 – 温哥华放地产网