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VANCOUVER, BC – December 4, 2017 – Metro Vancouver* saw modest home listing changes and steady demand in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 percent increase from the 2,214 sales recorded in November 2016, and a 7.5 percent decrease compared to October 2017 when 3,022 homes sold.

Last month’s sales were 17 percent above the 10-year November sales average.

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, REBGV president said.

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2017. This represents a 30.6 percent increase compared to the 3,147 homes listed in November 2016 and a 9.5 percent decrease compared to October 2017 when 4,539 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,747, a 4.3 percent increase compared to November 2016 (8,385) and a 4.3 percent decrease compared to October 2017 (9,137).

“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” Oudil said.

The sales-to-active listings ratio for November 2017 is 32 percent, which is up three percent since September 2017. By property type, the ratio is 15.9 percent for detached homes (up one percent since September 2017), 36.4 percent for townhomes (down six percent since September 2017), and 67.8 percent for condominiums (up seven percent since September 2017).

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 pecent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,046,900. This represents a 14 percent increase over November 2016 and a 0.4 percent increase compared to October 2017.

Sales of detached properties in November 2017 reached 841, a 31.8 percent increase from the 638 detached sales recorded in November 2016. The benchmark price for detached properties is $1,608,000. This represents a 6.1 percent increase from November 2016 and a 0.1 percent decrease compared to October 2017.

Sales of apartment properties reached 1,508 in November 2017, a 25.7 percent increase compared to the 1,200 sales in November 2016. The benchmark price of an apartment property is $648,200. This represents a 23.9 percent increase from November 2016 and a one percent increase compared to October 2017.

Attached property sales in November 2017 totalled 446, an 18.6 percent increase compared to the 376 sales in November 2016. The benchmark price of an attached unit is $805,200. This represents a 17.9 percent increase from November 2016 and a 0.3 percent increase compared to October 2017.

 

 

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VANCOUVER, BC – November 2, 2017 – Metro Vancouver* home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3 percent increase from the 2,233 sales recorded in October 2016, and an increase of 7.1 percent compared to September 2017 when 2,821 homes sold.

Last month’s sales were 15 percent above the 10-year October sales average.

"Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV president said. "It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices."

There were 4,539 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14 percent increase compared to the 3,981 homes listed in October 2016 and a 15.6 percent decrease compared to September 2017 when 5,375 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,137, a 0.1 percent decrease compared to October 2016 (9,143) and a 3.5 percent decrease compared to September 2017 (9,466).

For all property types, the sales-to-active listings ratio for October 2017 is 33.1 percent. By property type, the ratio is 16.8 percent for detached homes, 44.8 per cent for townhomes, and 66 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

"The growth in our provincial economy and job market is contributing to today's demand," Oudil said. "The federal government's announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,300. This represents a 12.4 percent increase over October 2016 and a 0.5 percent increase compared to September 2017.

Sales of detached properties in October 2017 reached 940, a 44.2 percent increase from the 652 detached sales recorded in October 2016 and a 34.6 percent decrease from the 1,437 sales in October 2015. The benchmark price for detached properties is $1,609,600. This represents a four percent increase from October 2016 and a 0.5 percent decrease compared to September 2017.

Sales of apartment properties reached 1,532 in October 2017, a 30.1 percent increase compared to the 1,178 sales in October 2016 and a 0.7 percent decrease from the 1,543 sales in October 2015. The benchmark price of an apartment property is $642,000. This represents a 22.7 percent increase from October 2016 and a one percent increase compared to September 2017.

Attached property sales in October 2017 totalled 550, a 36.5 percent increase compared to the 403 sales in October 2016 and a 17.4 percent decrease from the 666 sales in October 2015. The benchmark price of an attached unit is $802,400. This represents a 17.7 percent increase from October 2016 and a two percent increase compared to September 2017.

 

 

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I have sold a property at 309 345 10TH AVE W in Vancouver.
Updated and tranquil city home in gorgeous City Hall neighbourhood! This beautifully maintained 1 BR suite offers an attractively renovated kitchen and bathroom, along with updated flooring, lighting and window coverings. The Mt Pleasant West location is perfect: a pretty tree-lined street yet only 3 minutes walk to Canada Line, a few blocks to restaurants, shopping (Whole Foods, Save-On, No Frills, Home Depot, small retailers) and is really convenient to downtown, the Seawall, airport, and everything else. All in a well managed, pro-active building with lots of capital upgrades: pipes, boiler, entry, south parkade membrane, enterphone and landscaping. One parking, locker, and bike storage. Sorry, no pets or rentals.
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Please visit our Open House at 309 345 10TH AVE W in Vancouver.
Open House on Sunday, October 15, 2017 2:00PM - 4:00PM
Updated and tranquil city home in gorgeous City Hall neighbourhood! This beautifully maintained 1 BR suite offers an attractively renovated kitchen and bathroom, along with updated flooring, lighting and window coverings. The Mt Pleasant West location is perfect: a pretty tree-lined street yet only 3 minutes walk to Canada Line, a few blocks to restaurants, shopping (Whole Foods, Save-On, No Frills, Home Depot, small retailers) and is really convenient to downtown, the Seawall, airport, and everything else. All in a well managed, pro-active building with lots of capital upgrades: pipes, boiler, entry, south parkade membrane, enterphone and landscaping. One parking, locker, and bike storage. Sorry, no pets or rentals. OPEN Sunday Oct 15th, 2 to 4.
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VANCOUVER, BC – October 3, 2017 – Apartment and townhome activity is outpacing the detached home market across Metro Vancouver*. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 percent increase from the 2,253 sales recorded in September 2016, and a 7.3 percent decrease compared to August 2017 when 3,043 homes sold.

Last month’s sales were 13.1 percent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers' market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 percent increase compared to the 4,799 homes listed in September 2016 and a 26.6 percent increase compared to August 2017 when 4,245 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 percent increase compared to September 2016 (9,354) and a 7.5 percent increase compared to August 2017 (8,807).

“Detached homes made up 30 percent of all sales in September and represented 62 percent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 percent. By property type, the ratio is 14.6 percent for detached homes, 42.3 percent for townhomes, and 60.4 percent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 percent increase over September 2016 and a 0.7 percent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 percent increase from the sales recorded in September 2016 (666), a decrease of 33 percent from September 2015 (1,272), and a decrease of 32.9 percent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 percent increase from September 2016 and a 0.1 percent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 percent increase compared from the sales recorded in September 2016 (1,218), a 5.1 percent decrease from September 2015 (1,529), and a 22.1 percent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 percent increase from September 2016 and a 1.4 percent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 percent increase compared to the sales recorded in September 2016 (369), a 4.8 percent decrease from September 2015 (544), and an 11.6 percent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 percent increase from September 2016 and a 1.1 percent increase compared to August 2017.

 

 

Download The Full Market Report Here

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Please visit our Open House at 309 345 10TH AVE W in Vancouver.
Open House on Saturday, October 7, 2017 1:30PM - 3:30PM
Updated and tranquil city home in gorgeous City Hall neighbourhood! This beautifully maintained 1 BR suite offers an attractively renovated kitchen and bathroom, along with updated flooring, lighting and window coverings. The Mt Pleasant West location is perfect: a pretty tree-lined street yet only 3 minutes walk to Canada Line, a few blocks to restaurants, shopping (Whole Foods, Save-On, No Frills, Home Depot, small retailers) and is really convenient to downtown, the Seawall, airport, and everything else. All in a well managed, pro-active building with lots of capital upgrades: pipes, boiler, entry, south parkade membrane, enterphone and landscaping. One parking, locker, and bike storage. Sorry, no pets or rentals. OPEN SAT 7th, 1:30 to 3:30.
Read Full Story

I have listed a new property at 309 345 10TH AVE W in Vancouver.
Updated and tranquil city home in gorgeous City Hall neighbourhood! This beautifully maintained 1 BR suite offers an attractively renovated kitchen and bathroom, along with updated flooring, lighting and window coverings. The Mt Pleasant West location is perfect: a pretty tree-lined street yet only a few blocks to Canada Line, restaurants, parks, shopping (Whole Foods, Save-On, No Frills, Home Depot, small retailers) and is really convenient to downtown, airport, and everything else. All in a well managed, pro-active building with lots of capital upgrades: pipes, boiler, entry, south parkade membrane, enterphone and landscaping. One parking, locker, and bike storage. Sorry, no pets or rentals. Open Saturday 30th and Sunday 1st, 2 to 4. Come see!
Read Full Story
Please visit our Open House at 309 345 10TH AVE W in Vancouver.
Open House on Saturday, September 30, 2017 2:00PM - 4:00PM
Updated and tranquil city home in gorgeous City Hall neighbourhood! This beautifully maintained 1 BR suite offers an attractively renovated kitchen and bathroom, along with updated flooring, lighting and window coverings. The Mt Pleasant West location is perfect: a pretty tree-lined street yet only a few blocks to Canada Line, restaurants, parks, shopping (Whole Foods, Save-On, No Frills, Home Depot, small retailers) and is really convenient to downtown, airport, and everything else. All in a well managed, pro-active building with lots of capital upgrades: pipes, boiler, entry, south parkade membrane, enterphone and landscaping. One parking, locker, and bike storage. Sorry, no pets or rentals. Open Saturday 30th and Sunday 1st, 2 to 4. Come see!
Read Full Story
Please visit our Open House at 309 345 10TH AVE W in Vancouver.
Open House on Sunday, October 1, 2017 2:00PM - 4:00PM
Updated and tranquil city home in gorgeous City Hall neighbourhood! This beautifully maintained 1 BR suite offers an attractively renovated kitchen and bathroom, along with updated flooring, lighting and window coverings. The Mt Pleasant West location is perfect: a pretty tree-lined street yet only a few blocks to Canada Line, restaurants, parks, shopping (Whole Foods, Save-On, No Frills, Home Depot, small retailers) and is really convenient to downtown, airport, and everything else. All in a well managed, pro-active building with lots of capital upgrades: pipes, boiler, entry, south parkade membrane, enterphone and landscaping. One parking, locker, and bike storage. Sorry, no pets or rentals. Open Saturday 30th and Sunday 1st, 2 to 4. Come see!
Read Full Story
I have sold a property at 2315 YORK AVE in Vancouver.
Truly a rare offering! This huge one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, 961 square feet of interior space, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove' at 1535 Vine, a really well maintained boutique building in a great Kits location - 1 block to the beach and a quick walk to West 4th shops and restaurants.
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Please visit our Open House at 2315 YORK AVE in Vancouver.
Open House on Sunday, September 17, 2017 2:00PM - 4:00PM
Truly a rare offering! This huge one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, 961 square feet of interior space, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove' at 1535 Vine, a really well maintained boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th.
Read Full Story
Please visit our Open House at 2315 YORK AVE in Vancouver.
Open House on Tuesday, September 12, 2017 10:30AM - 12:00PM
Truly a rare offering! This huge one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, 961 square feet of interior space, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove' at 1535 Vine, a really well maintained boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th.
Read Full Story

I have listed a new property at 2315 YORK AVE in Vancouver.
Truly a rare offering! This spacious one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove', a boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th. Open Sat Sept 9, 1-3, Sun Sept 10, 2-4pm
Read Full Story

I have listed a new property at 2315 YORK AVE in Vancouver.
Truly a rare offering! This spacious one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove', a boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th. Open Sat Sept 9, 1-3, Sun Sept 10, 2-4pm
Read Full Story
Please visit our Open House at 2315 YORK AVE in Vancouver.
PREVIEW: Thursday, September 7th 5 to 6PM
Truly a rare offering! This spacious one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove', a boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th. Open Sat Sept 9, 1-3, Sun Sept 10, 2-4pm
Read Full Story
Please visit our Open House at 2315 YORK AVE in Vancouver.
Open House on Saturday, September 9, 2017 1:00PM - 3:00PM
Truly a rare offering! This spacious one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove', a boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th. Open Sat Sept 9, 1-3, Sun Sept 10, 2-4pm
Read Full Story
Please visit our Open House at 2315 YORK AVE in Vancouver.
Open House on Sunday, September 10, 2017 2:00PM - 4:00PM
Truly a rare offering! This spacious one bedroom townhouse-style suite offers many features that make it an exceptional home: large fully-fenced garden patio, serene park-like outlook, SW exposure, separate entry, 10' ceilings, french doors and an abundance of windows to list a few. Immaculately maintained and tastefully updated by the original owner including fully renovated kitchen, newer windows, updated flooring and bathroom. The floor plan offers lots of options for lifestyle and furniture, and the patio is perfect for entertaining. This wonderful home is part of 'Vinegrove', a boutique building in a great Kits location - 1 block to the beach and a quick walk to the great shops and cafes on West 4th. Open Sat Sept 9, 1-3, Sun Sept 10, 2-4pm
Read Full Story

VANCOUVER, BC – September 5, 2017 – Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 percent increase from the 2,489 sales recorded in August 2016, and a 2.8 percent increase compared to July 2017 when 2,960 homes sold.

Last month’s sales were 19.6 percent above the 10-year August sales average.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 percent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 percent decrease compared to July 2017 when 5,256 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 percent increase compared to August 2016 (8,506) and a 4.2 percent decrease compared to July 2017 (9,194).

For all property types, the sales-to-active listings ratio for August 2017 is 34.6 percent. By property type, the ratio is 16.3 percent for detached homes, 44.8 percent for townhomes, and 76.3 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. This means there's less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 percent increase over August 2016 and a one percent increase compared to July 2017.

Sales of detached properties in August 2017 reached 901, a 26 percent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 percent increase from August 2016 and a 0.2 percent increase compared to July 2017.

Sales of apartment properties reached 1,613 in August 2017, a 20.1 percent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 percent increase from August 2016 and a 1.7 percent increase compared to July 2017.

Attached property sales in August 2017 totalled 529, a 22.7 percent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 percent increase from August 2016 and a 1.9 percent increase compared to July 2017.

 

 

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VANCOUVER, BC – August 2, 2017 – Home buyer activity returned to more typical summer levels in Metro Vancouver* last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 percent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 percent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 percent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 percent increase compared to the 5,241 homes listed in July 2016 and an 8.1 percent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 percent increase compared to July 2016 (8,351) and an eight percent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 percent. By property type, the ratio is 16.9 percent for detached homes, 44.9 percent for townhomes, and 62 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 percent increase over July 2016 and a 2.1 percent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 percent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 percent increase from July 2016 and a 1.5 percent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 percent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 percent increase from July 2016 and a 2.7 percent increase compared to June2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 percent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 percent increase from July 2016 and a 2.4 percent increase compared to June 2017.

 

 

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VANCOUVER, BC – July 5, 2017 – The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 percent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 percent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 percent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

There were 5,721 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2017. This represents a 2.6 percent decrease compared to the 5,875 homes listed in June 2016 and a 5.3 per cent decrease compared to May 2017 when 6,044 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,515, a nine percent increase compared to June 2016 (7,812) and a 4.2 percent increase compared to May 2017 (8,168).

“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

For all property types, the sales-to-active listings ratio for June 2017 is 45.7 percent. By property type, the ratio is 24.5 percent for detached homes, 62 percent for townhomes, and 93.2 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Market conditions will vary today depending on area and property type,” Oudil said. “It’s important to work with your local REALTOR® to help you understand the trends that are occurring in your community.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 7.9 percent increase over June 2016 and a 1.8 percent increase compared to May 2017.

Sales of detached properties in June 2017 reached 1,320, a decrease of 15.5 percent from the 1,562 detached sales recorded in June 2016. The benchmark price for detached properties is $1,587,900. This represents a 1.4 percent increase from June 2016 and a 1.1 percent increase compared to May 2017.

Sales of apartment properties reached 1,905 in June 2017, a decrease of 9.6 percent compared to the 2,108 sales in June 2016. The benchmark price of an apartment property is $600,700. This represents a 17.6 percent increase from June 2016 and a 2.9 percent increase compared to May 2017.

Attached property sales in June 2017 totalled 668, a decrease of 8.5 percent compared to the 730 sales in June 2016. The benchmark price of an attached unit is $745,700. This represents a 10.7 percent increase from June 2016 and a 0.6 percent increase compared to May 2017.

 

 

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