VANCOUVER, BC – January 4, 2017 – The Metro Vancouver* housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.
Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 percent decrease from the 42,326 sales recorded in 2015, and a 20.6 percent increase over the 33,116 residential sales in 2014.
“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”
Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 percent compared to the 57,249 properties listed in 2015 and a 2.6 percent increase compared to the 56,066 properties listed in 2014.
“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”
The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 percent decrease over the past six months and a 17.8 percent increase compared to December 2015.
December summary
Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 percent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 percent compared to November 2016 when 2,214 homes sold.
Last month’s sales were 8.1 percent below the 10-year sales average for the month.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 percent compared to the 2,021 units listed in December 2015 and a 58.3 percent decrease compared to November 2016 when 3,147 properties were listed.
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 percent increase compared to December 2015 (6,024) and a 24.3 percent decrease compared to November 2016 (8,385).
Sales of detached properties in December 2016 reached 541, a decrease of 52.4 percent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 percent increase compared to December 2015 and a 1.8 percent decrease compared to November 2016.
Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 percent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 percent increase compared to December 2015 and a 0.3 percent decrease compared to November 2016.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.