Updated: How deep is the housing market slowdown across Metro Vancouver? (INFOGRAPHIC)

Metro Vancouver map shows which municipalities are in buyer's markets and how much prices have declined in each

Glacier Media Real Estate
— Updated: May 16, 2019
May 14, 2019

Zoocasa buyers markets map
Source: Zoocasa

NOTE TO READERS: This is a corrected version of an article published May 14, which was based on an infographic and study of months of housing inventory across Metro Vancouver. The study authors at Zoocasa retracted this study, as it contained a series of errors, and have based their new infographic and study on sales-to-new-listings ratios across the region. 

It’s clear that Metro Vancouver is in a housing market slowdown, with listings piling up and benchmark prices declining. But how does this break down by municipality, and which areas are in a buyer's market?

Real estate website Zoocasa created an infographic map of the region, ranking each area by how deeply it has receeded into a buyer's market or remained balanced. It used the sales-to-new-listings ratio (SNLR), which is the number of sales in a month as a proportion of the number of new listings in that month. The SNLR is an alternative measure of buyer's and seller's markets to the sales-to-active-listings ratio used by the real estate board.

A buyer's market, when measured by SNLR, is anything under 40 per cent, a balanced market is 40-60 per cent and a seller's market is over 60 per cent.

The infographic also lists the SNLR one year previously for comparison, as well as each area’s composite benchmark home price and year-over-year price decline.

West Vancouver was unsurprisingly the municipality in the deepest buyer's market, now at 20 per cent. This means that one home was sold in April for every five that were listed in April. West Vancouver was followed by Richmond, North Vancouver and Vancouver West, all of which were under 30 per cent.

Of the 15 municipalities studied, Langley was found to be the most robust area, with a balanced market at 48 per cent.

Check out the full updated ranking of 15 municipalities in the infographic below.

Zoocasa buyers markets infographic
Source: Zoocasa

Joannah Connolly is editorial director of Glacier Media Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, Times Colonist, Prince George Citizen, North Shore News, Burnaby Now, Tri-City News and others. She also writes and oversees editorial content in Real Estate Weekly Homes, West Coast Condos & Homes, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 23 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist talk radio show on Vancouver's Roundhouse Radio.
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