Well the September stats have come out and where are we at? We’re still hanging out in a balanced market as we have been for the past 3 months or so. We will likely see this trend maintain until the end of the year at least and probably into the earlier stages of 2020 as the winter sales slow is melting off. A balanced market doesn’t usually last for a very long time and is a more interesting market to buy and sell in. It is neither trending in favour for the buyer or seller which results in more negotiation. There might be some amazingly hot deals out there for some buyers or amazingly hot properties out there for sellers have, however motivation and negotiation is key (Price point is especially important for sellers).An interesting statistic is that the number of sales has been up from August to September, there was a mere 0.3% increase of homes on the MLS from August to September of this year. This would indicate that amount of inventory is being eaten up by purchasers. Should this trend continue based on supply and demand principles (although some people believe those principles don’t apply to real estate in Greater Vancouver; I am not in that camp) we could find the market creeping into a seller’s market.
Unfortunately my crystal ball is in the shop so I will have to wait and see like the rest of us as to where the market will go. It is of note that recessions are generally cyclical and we are currently overdue for one. With the recent Canadian election now over and a minority government in place (which usually causes some turmoil) and the 2020 elections coming up below the 49th, it might be enough to tip the scales into that looming recession… I really need to get that crystal ball back…
Unfortunately my crystal ball is in the shop so I will have to wait and see like the rest of us as to where the market will go. It is of note that recessions are generally cyclical and we are currently overdue for one. With the recent Canadian election now over and a minority government in place (which usually causes some turmoil) and the 2020 elections coming up below the 49th, it might be enough to tip the scales into that looming recession… I really need to get that crystal ball back…