Ratios above 20% are said to indicate a fast-moving “Seller’s Market” and – all other things being equal – will generally lead to rising price pressures.
Ratios below 12% indicate a “Buyer’s Market” where selection is good and there is time to shop around and negotiate; over time prices should be expected to decline.
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With homes in the Lower Mainland pushing the envelope of affordability, it is not surprising to see the most expensive housing category – detached houses in or closer to the city – dipping into Buyer’s Market territory. And at the same time we see the most affordable categories – townhouses and apartments in the Fraser Valley – holding very firmly in a Seller’s Market.
As we approach the spring market, traditionally the busiest time of year for real estate sales, it will be interesting to see how these stats unfold. I’ll keep you posted, and you can always call us for an update.
Things have never been more complex.
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