This cartoon resonates with me - don't laugh... This is more the norm out there than you might think. Buyers continue to disagree with sellers on the topic of price, this has resulted in historically few sales.

Many sellers are either refusing to drop their price or simply take their home off the market .Buyers, now far more selective, are not paying much over the assessed value, even though EVERYONE KNOWS, the assessed value is only a guide and often an inaccurate one at that.

According to the Real Estate Board, overall Sales are down 18% when looking at the last 10 year average. Listings on the contrary are 18% higher for the last 10 year average. We put the numbers together in our specific markets and it's grimmer than that.(see table below)

Sales to Active listings just moved from 10% (where it had been since June of last year) to 12% . Though this is small move in the right direction for sellers, we are still clearly in a "buyer favored" market. (that is the number of sales in comparison to the number of active listings)

Analysts say that downward pressure on prices occurs when the Sales to Active listings ratio dips below 12%. Upward pressure results when this ratio is above the 22% range.

 

Throughout Vancouver, prices have declined an average of 5%, with the bulk of the homes taking the hit being detached homes. We know the saying the "Bigger they are, the Harder they fall", accordingly, those markets which saw the largest gains are suffering most. West Vancouver wins the biggest loser prize, with the fewest sales of all.