Detached homes sale slowing in Vancouver West
The past 3 months active listings for Vancouver West detached homes increased at a quick pace. There were 1,075 detached homes listed for sale in Vancouver West at the end of May, 2012. Detached home sales dropped with an average 3 months sale around just 175 detached homes. The supply and demand ratio reached around 6 months which was around the same levell as 3 months ago. View all single family detached homes for sale in Vancouver West.
There was a significant cooling off in home sale activities in Vancouver West the past 3 months when compared to the previous years around the same time period. Less active buying from mainland Chinese buyers, tighter lending by Canadian Banks and adverse media report were the main reasons for the much tamer market.
Vancouver West detached home prices
Market sentiment is hugely influenced by adversed media reports on the housing market. The predictions by many house critics warning the bursting of the housing bubble in Vancouver are causing home buyers to stay on the sideline. The prolong slow down and price decline in detached home prices in Vancouver West will feed on itself, causing further price decline. View all detached homes for sale in Vancouver West.
Home sellers who are fearful of much sharper price decline will want to cash out before the market get worse. Whether this fear by home sellers will happen can only be known in later part of the year. Home buyers are waiting and many prefer not to commit for now. If home sales continue to slump in Vancouver, and prices go lower, market sentiment can turn for the worse resulting in more sellers cutting their prices aggressively to sell their homes.
We will continue to monitor the Vancouver West detached homes market situation and report on the market outlook for the next few months.