April 1, 2019 6:04 pm
Updated: April 2, 2019 11:43 am

Greater Vancouver home sales hit lowest point since 1986: Realtor

A real estate sign is pictured in Vancouver, B.C., Tuesday, June 12, 2018. Vancouver's once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years. THE CANADIAN PRESS Jonathan Hayward

THE CANADIAN PRESS Jonathan Hayward
A A

A local realtor and real estate blogger has crunched the numbers and he says Greater Vancouver home sales just had their worst month of March since 1986.

According to Steve Saretsky, unreleased numbers from the Canadian Real Estate Association show just a little over 1,700 transactions last month.

LISTEN: Worst March for Greater Vancouver home sales since 1986: local realtor


Steve Saretsky said the slowdown is a result of a gap between what sellers and buyers are expecting from the market.

READ MORE: Lower Mainland real estate cooldown continues as sales drop 42% below 10-year average

“Primarily because buyers have a certain price they want to pay, particularly given the outlook of housing market, and sellers are still trying to adjust to reality, which ultimately the market isn’t willing to pay for what they are asking,” Saretsky said.

Saretsky said prices are in fact taking a dip, however the slide isn’t evenly distributed.

READ MORE: Metro Vancouver housing sales hit nearly 20 year low

“You know you can probably get a 40 per cent discount at a house in West Vancouver, but you might only get a 15 per cent discount on a house in East Vancouver.”

He added that condo sales also saw an 18-year low last month.

© 2019 Global News, a division of Corus Entertainment Inc.

Report an error

Comments

Want to discuss? Please read our Commenting Policy first.