>Last month we saw a small normal seasonal increase in sales over to 598 sold over the 533 sold in September, but down 10% from the 664 sold in October last year. There were 15% fewer condos and single family homes sold in October compared to October of the previous year.
The supply of homes available for sale was up to 2,510 actively for sale at the end of October, that's 32% higher than at the end of October last year.
The simple overall math is that we now have a 4 month supply which suggests a "balanced market". A closer look shows significant differences in this "balance" in different areas, property types and price ranges. Some continue to be relatively under supplied with competing bids while others are seeing almost no activity and significant downward pressure on prices for those anxious to sell.
Increasing mortgage rates, new mortgage stress test introduced in January, new rules for real estate introduced on June 15th together with our welcome to BC Foreign Buyer and Speculation Taxes have taken the wind out of the sales for our market.
Like you I don't have a crystal ball, however, it appears to me that the government's intention to quieten the housing market and to bring prices down is beginning to come to fruition. I personally predict that we will continue see our market moving towards more of a Buyer's market, accelerating in the new year, with anxious sellers competing for fewer buyers.
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