Home Buyer Activity Increases in October
The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.
Last month’s sales were 9.8 per cent above the 10-year October sales average.
Phil Soper, CEO Royal LePage Canada, reports in a series of media releases dating back to May, we have provided evidence that the major housing industry slowdown and market correction of 2018 and first half of 2019 was over. More collaborating data became available this week from the Bank of Canada.
Our banks are selling more mortgages. The total value of residential mortgages written in our country climbed to $1.6 trillion in September, up 4.2% from a year ago. That is the 7th consecutive month of improvement.
I feel this market improvement is more than a simple short-term blip. Barring a full-fledged global recession, we should see housing market growth both in 2020 and in 2021. There is no magic formula behind this outlook, simply math and common sense.
Canada boasts the fastest growing population of any advanced nation on earth. We have a huge population of millennials that are buying their first homes, and for the older families in this cohort, their first family homes as the children arrive. On top of that, Canadians are employed – in record numbers.
My experience over the past couple of months continues to confirm we are firmly in a balanced to Sellers market depending on the neighbourhood and property type. Prices have come down from the height of the market , interest rates remain low and home buyers are reacting and making decisions to move forward with their home buying needs.
I have my feet on the ground and am happy to discuss how this relates to your specific neighbourhood and plans.
I look forward to hearing from you.