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"I think all of us are looking at the future with yesterday's eyes." - Dan Burrus

 

Sales and listings stats are attached as of October 15, 2016. The real estate market continues to be the target of government regulatory changes. The latest being mortgage rule changes that took effect October 17th. These changes have added a “stress test” to mortgage qualifying which essentially requires anyone with less than 20 per cent down payment to qualify at a rate of 4.64 per cent as opposed to the lower negotiated rates. The effect is lowering the purchasing power of some buyers – mostly first time buyers. The effects of this and other regulatory changes are weighing on a market that was already in adjustment.

 

The numbers for October are showing so far similar pattern for sales as September. There is no refuting that sales are down from the last two years and below the 10 year average. But inventories are not increasing to any great degree with less new listings coming on the market in October compared to September, a trend to continue through the remainder of the year. With less demand though, opportunities are presenting themselves to buyers that haven’t been in the market for some time. And by November we may be in a position to see Total Active Listings above the level from the year previous, a change from what has been the norm over the last few years.

 

Sales and Listings Stats Houses Townhouses Condos Oct 15 2016

 

Sales and Listings Stats All Residential Oct 15 2016

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,015 Units Sold so far in October 2016 compared to 1,126 Units Sold by September 19, 2016. Total New Listings so far in September are 2,008 compared to 2,693 by September 19, 2016. Total Active Listings are at 10,037 (11,405 at the same time in October 2015), Sales To Listings Ratio is at 51% compared to 42% at this time in September 2016.

 

Vancouver West - 197 Units Sold so far in October 2016 compared to 219 Units Sold by September 19, 2016. Total New Listings so far in September are 364 compared to 517 by September 19, 2016. Total Active Listings are at 1,663 (1,942 at the same time in October 2015), Sales To Listings Ratio is at 54% compared to 42% at this time in September 2016.

 

Vancouver East – 82 Units Sold so far in October 2016 compared to 80 Units Sold by September 19, 2016. Total New Listings so far in September are 250 compared to 299 by September 19, 2016. Total Active Listings are at 1,046 (839 at the same time in October 2015), Sales To Listings Ratio is at 33% compared to 27% at this time in September 2016.

 

North Vancouver – 73 Units Sold so far in October 2016 compared to 89 Units Sold by September 19, 2016. Total New Listings so far in September are 156 compared to 274 by September 19, 2016. Total Active Listings are at 581 (548 at the same time in October 2015), Sales To Listings Ratio is at 47% compared to 32% at this time in September 2016.

 

West Vancouver – 11 Units Sold so far in October 2016 compared to 14 Units Sold by September 19, 2016. Total New Listings so far in September are 70 compared to 115 by September 19, 2016. Total Active Listings are at 522 (596 at the same time in October 2015), Sales To Listings Ratio is at 16% compared to 12% at this time in September 2016.

 

Richmond – 126 Units Sold so far in October 2016 compared to 129 Units Sold by September 19, 2016. Total New Listings so far in September are 240 compared to 299 by September 19, 2016. Total Active Listings are at 1,399 (1,623 at the same time in October 2015), Sales To Listings Ratio is at 53% compared to 43% at this time in September 2016.

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