The single-family market in Vancouver’s West side has seen a reduction in sales activity while inventory numbers have steadily climbed over the past 12 months. The HPI price for detached homes in Vancouver West has seen an overall decline of 4.2 per cent in price since September 2017. In that same time frame the sales-to-active listings ratio has averaged 8 per cent which represents a buyer’s market for detached homes.
The Home Domino Effect for Downsizers
MLA Advisory expects the slower detached sales activity will have an impact on the condo market as it becomes harder for downsizers to sell their homes. As a result, equity moving to the luxury condo market may be less prominent. This being said, demand for more compact units still remains extremely strong both in Greater Vancouver and the Fraser Valley.
