October 2019 Vancouver Real Estate Market Update With Vancouver Mortgage Broker John Charbonneau

– Welcome to Your House Matters. I’m John Charbonneau with
TMG The Mortgage Group and canadianmortgagefinders.com. And this is your October
real estate update for home sales within the
Vancouver Real Estate Board. Sales activity for September
2019 has now been released. And we saw an increase in
the number of homes sold compared to this time
last year by almost 47%. The Real Estate Board reports that we are now seeing more
balanced market conditions, as evidenced by activity
in the last three months. Home buyers are now more
willing to make offers, especially in the townhome
and apartment markets. Last month we saw 4866
single family homes, townhomes, and apartments listed for sale. And that brought the total
inventory to 13,439 units, which represents a slight increase of 2.7% compared to the same period in 2018. With a total of 2333
properties having been sold, this represents an absorption
of 17.4% of the inventory. When there’s less than
12% of the inventory being bought each month, you can expect downward
pressure on home prices. So last month’s activity supports a trend towards a more balanced market
between sellers and buyers, with no one category having a substantial
advantage over the other. As for prices, the
benchmark composite price for a single family home rose by 8.6% to 1,406,200 from a year ago. Apartment condo sale prices dropped 6.5% year over year to $651,500. And attached home prices
saw a drop of 7.2% from September 2018. Mortgage rates continue to remain stable with a very slight increase
in the five year fixed rate. And the price advantage is still
to the fixed rate borrower, compared to the variable rate shopper. The Vancouver Real Estate Board
covers over 11 major cities. And each city has numerous micro markets. So to find out what’s
happening in your neighborhood and for your style of home,
I recommend an introduction to one of trusted and experienced local real estate advisors. I look forward to connecting
with you next month. And please remember, here
at The Mortgage Group we make mortgage shopping easy. (dramatic music) Thanks for watching.

Paul Whisler

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