Sales Improved for July 2019! Still 7.8% below the 10 year sale average for the Vancouver Board, they were on par for Fraser Valley Board. However, month over month, sales were up 23% in Vancouver and almost 12% in The Valley. Lower interest rates, fewer new listings and an increase in demand should alleviate some of the downward pressure on the market in the months to come.
VANCOUVER BOARD
Demand for housing decreased 23.1% from June to July 2019. Year over year sales up 23.5%, and 7.8% below the 10 year average.
New listings decreased June to July 2.9%, down 3.3% from July 2018, but overall inventory is up 17.3% year over year.
The sale-to-active-listings ratio is 18% - a balanced market for condos, townhouses, and detached properties.
Detached prices are down about 9.4% from a year ago, with condos and townhouses down about 0.3%.
FRASER VALLEY BOARD
Sales were up 11.6% from June 2019 and up 13% from June 2018.
Year over year, inventory is up 12.7%.
A sales-to-active listings ratio of about 17.5% indicates that the Fraser Valley Market is balanced.
Detached prices are down 6.3%, townhouses down 0.9%, and condos down 9% year over year.
While not a huge decrease, the Banks lowered the B-20 stress test from 5.34% to 5.19% last month - don't expect a huge rebound.
164,000 new jobs were added in the US, 16,000 of them in manufacturing and the fed cut the interest rate .25%. In Canada, 24000 jobs were shed from the Canadian economy last month and GDP growth remains stalled at less then 1% while predicting a little more then 1% by the end of the year - well below the US and world markets.
