Sales to Listings Ratios (Nov 11, 2022)

Sales to Listings Ratios (GVA, Fraser Valley, Okanagan, Vernon) November 11, 2022

With respect the single family dwellings, the entire Fraser Valley is a buyer's market with North Surrey at an all time low of only 7 sales versus 272 active listings, resulting in a 2.57% sales to listing ratio.

In the GVA, Burnaby, Coquitlam, Pitt Meadows and Port Moody all show signs of a balanced market (still favouring buyers) with North Vancouver continuing to show strong sales numbers with a ratio of 22.22% (the only seller's market in the entire GVA / Fraser Valley. West Vancouver is one of the hardest hit areas with only 15 sales out of 405 active listings, resulting in a 3.70% sales to listing ratio.

Townhomes appear to be less impacted with all araes showing an overall balanced market. However, prices are continuing to decrease with seller's outnumbering buyer's in most areas.

The trend continues with lower prices homes selling better than the high end products, and buyer's moving towards apartments and townhoemes due to not only affordability but it is all they can qualify for as a result of British Columbia's strict lending guidlines. (most buyer's requiring to be approved at a hypothetical interest rate of +/- 7%.

Generally speaking, a downward market (buyer’s market) is when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure (seller’s market) when it surpasses 20 per cent over several months.

*See https://www.adlawappraisals.com/news/ for detailed analysis of the numbers in specific regions that are of interest to you.

Single Family:

Fraser Valley Average = 7.59% (last week) 7.70% (this week)

GVA Average = 10.14% (last week) 9.84% (this week)

Okanagan = 12.37% (last week) 14.02% (this week)

Vernon = 15.02% (last week) 19.43% (this week)

Townhomes and Apartments:

Fraser Valley Average = 13.79% (last week) 12.90% (this week)

GVA Average = 15.22% (last week) 15.71% (this week)

Okanagan = 20.36% (last week) 19.35% (this week)

Vernon = 22.11% (last week) 19.80% (this week)

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