When looking at Metro Vancouver, home sales fell 44% year-on-year to 1.506, and new listings fell 37% to 3,784 with the homes being listed.
Although both home sales and listings declined at a similar rate, there was a larger reduction in home sales, indicating that market conditions are shifting to a buyer’s market.
Despite this move, however, Zoocasa says that Metro Vancouver’s housing market remains fairly balanced. The SNLR zone for the month of May 2020 is 40%, compared to 44% during the same period last year.
Of the 20 markets studied, eight markets posted an SNLR below the national average, meaning that competitive conditions in these markets slightly favored home buyers compared to the national average – Metro Vancouver came in third place.
However, of these eight markets, only two could be classified as “market buyers”, while the rest remain in the “balanced market of the territory.
In Edmonton, Alberta, sales fell 40% year-over-year and new listings fell 21%, resulting in an SNLR of 38%. This figure represents a departure from conditions last May, when the Edmonton housing market was comfortable and balanced ”at 49%.
Similarly, SNLR in Fraser Valley, British Columbia, which has grown from 44% last year to 38% this year, a similar development from balanced buyer market conditions in that region.
According to the report, as COVID-19 eases restrictions in certain regions and gradually increases market activity, it may be helpful for buyers to get a read on the degree of competitiveness of housing activity in their region.
For example, in regions where sales and new listings have declined at a similar rate, buyers may find that despite the sharp decline in sales and inventories, the housing market may feel just as competitive as last year. .