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House prices fell further in November due to falling sales and rising inventories, according to data released by the Greater Vancouver Real Estate Board (REBGV).
Prices of detached homes in Vancouver fell 8.5 per cent in November from a year earlier, the biggest drop since the end of 2009, and this major loss may be far from over, according to the report.
VancityCondoGuide’s previous real estate report also showed that sales of detached homes in Vancouver fell 32% in November from a year earlier and fell to a 10-year low this month.
Corresponding to this is its increasingly high inventory of homes. According to the REBGV report, there were 1190 new homes listed in November, down 30% from the previous month, but 24.44% higher than the same period last year, further pushing up the total inventory.
Better Dwelling, Canada’s largest housing information website, said falling sales and rising inventories pushed the ratio of home sales to listing (SNLR) further towards the buyer’s market. Its analysis points out that when the index exceeds 20%, it is regarded as a “seller’s market”, indicating that house prices will rise in the future; when the index is lower than 12%, it is considered to be a “buyer’s market”, indicating that the seller’s price will go down. The property market in Vancouver is currently in a buyer’s market, so don’t expect prices to reverse in the short term.
VancityCondoGuide analyst Steve Saretsky also said that the unemployment rate in Canada has fallen to its lowest level in 42 years, which is usually a good sign for the housing market, but house prices are still unusually low, which is unprecedented. Unemployment may be a lagging indicator, but the housing market is certainly not. Among the components of GDP, residential investment is the best early warning of an impending recession.
It is worth noting that Wall Street members’ exclusive article “Global property Market observation | Toronto Vancouver rally ends can Montreal catch up from behind?” as mentioned earlier, both Vancouver and Toronto have imposed tax increases on overseas buyers in order to curb speculation and regulate house prices. Among them, Vancouver levies 20% on overseas buyers and makes it mandatory to register the identity and family files of uncompleted property buyers. House prices in both cities have fallen since 2018.