Is it really still a sellers’ market with a 26 per cent decline in sales this August compared to the same time period last year?
The August report from the Real Estate Board of Greater Vancouver had President Dan Morrison saying sellers still have the upper hand.
But Realtor Steve Saretsky disputes that.
“For a condo and town homes it’s still a sellers’ market but for the detached market look at how many sales there are and look at how many active listings there are, you can just see that right away in the price reductions.”
Sarestsky looked at four markets — East and West Vancouver, Richmond and Burnaby.
“Nobody really talks about it and nobody really knows, the Real Estate Board kind of has a way of making things look better than what they really are.”
He says across Metro Vancouver, detached houses were down 57 per cent compared to 2015.
They were down 46 per cent when you compare the typical average sales for the month of August between 2010 and 2014.
He adds that data released by the board can be biased.
“The Real Estate Board what they release every month is processed sales, which basically means that some of the deals that were done, some of them go as far back as May. What’s important to look at is the date that both parties agree to a purchase contract.”
He says it’s a buyers’ market — detached homes are seeing price reductions of over $100,000 and many are sitting on the market over 100 days.