The September numbers are in and it is showing further deterioration. We have not found a bottom yet. While September usually provides a boost of activity due to the end of the summer vacation period, this lack of activity does not bode well for the rest of the year.
The September sales are 43.5% lower than last September and 36.1% below the 10-year September average.
The September sales-to-active listings ratios are lower than the August ratios in all categories. By property type, the ratio is 7.8% for detached homes, 14% for townhomes, and 17.6% for condominiums. Though analysts generally say a ratio below 12% for a sustained period will put downward pressure on home prices, it is a very rough gauge. Though condominium’s sales-to-active listing ratios have not had any months below 12%, their prices have started to drop. Over the last 3 months, condominiums benchmark price has dropped 3.1%. In the same period there was a 3.4% drop for detached properties and 2% dropped for townhomes.
If you are interested in tracking this house by house, there is a great new website: click here. No account necessary. It is created by a local realty company and it provides the actual sale price of homes in the MLS systems of Greater Vancouver, Fraser Valley and Chilliwack within the past 12 months. So, when you see that sold sign on your neighbour’s lawn, you do not need to wonder how much it sold for. You can also check out all the great waterfront properties sold within the last year and look at the photos and details. Hours of fun. Enjoy and have a wonderful October.
Alternative lending.ca help people by providing options beyond regular bank lending. We operate out of Vancouver, BC but can assist people in all of BC and selected locations in Alberta, Manitoba, Saskatchewan and Ontario.
