The Vancouver Single-Family Home Market Is Experiencing Difficult Times

The combined government measures have had a powerful effect on the consumer psychologically, said Brad Henderson, president of Sotheby's International Realty Canada, in an interview. "Any further changes to the policy to slow down the market would likely result in the kind of things that governments are trying to avoid, which is a tougher landing rather than a softer one."

The number of individual properties sold to Sotheby's new report on what it calls "first-rate" sales, the city of Vancouver lost at least a million dollars to first half, a decrease of 36% compared to the same period last year.

A Separate Analysis of Real Estate Agent Steve Saretsky Shows That the Average Price of All Individual Properties Sold Last Month in Vancouver decreased by 4.6% Compared to June 2017.

Sotheby's says that The total number of transactions of $ 1 million or more made in the first half of the year in Vancouver was 2,385, down 19% from the same period last year.

According to Henderson, the decline in the city's sales reflects the market stalemate, with shoppers seeking larger discounts and sellers reluctant to lower their prices enough to stimulate a transaction. "Both parties are waiting to see if another shoe will fall," either by other government measures or by rising interest rates, "he said.

The vast majority of Single-detached homes in Vancouver are still selling $ 1 million or more, but average prices are falling The price of all individual properties sold last month in Vancouver averaged $ 2,550,708, down 4.6 per cent reported to $ 2,674,497 in June 2017, according to data compiled by Saretsky

Saretsky and Henderson say the top categories – including properties over $ 5 million – were the hardest hit , which helped to drive down the average price in the city

for single-detached homes has increased slightly over the past year in Greater Vancouver