Yahoo Finance Vancouver home sales fall to 33-year low
The cooldown in Vancouver's housing market continues as March sales fell to a more than three-decade low.
The Real Estate Board of Greater Vancouver says only 1,727 properties, of all types, changed hands last month. However, sales were up slightly when compared to the 1,484 transaction in February.
Compared to the same time last year, the average price fell 7.7 per cent. March was the 10th straight monthly decline.
The Real Estate Board of Greater Vancouver says government policy has gone a long way in bringing about the slowdown even though employment and the economy in the region are strong.
“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential homebuyers in the short-term,” said Ashley Smith, President of The Real Estate Board of Greater Vancouver, in a news release.
“That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.”
A key measure economists look at for clues about further declines is the sales-to-active listings ratio. Anything below 12 signals downward pressure.
“For all property types, the sales-to-active listings ratio for March 2019 is 13.5 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and 17.2 per cent for apartments,” said the Real Estate Board of Greater Vancouver.
Download the Yahoo Finance app, available for Apple and Android.
