With active listings for condos and apartments registered just over 2,050 homes, and September sales of 325 homes, Vancouver west’s had around 6.3 months inventory. At current level of supply and demand, the pricing pressure was moderate in favour of home buyer.
Current buyer activities are still strong, and showing activities are maintained at steady level. The drop in sales was very significant – the decline was about a third of the previous year’s sales. However, both the average and median prices are holding steady at around the same levels the past 6 months.
Adverse media reports pointing to the decline in sales the past 3 months had an impact on the market sentiment. Seasonally, the winter months are expected to post lower sales. Some housing critics were predicting home prices to decline next year.