The Changing Scape of Vancouver’s Real Estate Market by the Numbers

  • Last month’s sales-to-active listings ratio dipped to 24.1%; the lowest it’s been since 2015. September’s sales were also 9.6% below the 10-year sales average for the month. But what does this really mean? Is it indicative of the recent Foreign Buyer’s Tax and new proposed Vacancy Tax by Vancouver’s mayor? Perhaps, as Vancouver home buyers become more wary of their choices.

    “Changing market conditions are easing upward pressure on home prices in our region,” REBGV president Dan Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a realtor.”

    Especially as supply and demand conditions begin to differentiate in property type, as well. “We’re seeing more demand for condominiums and townhomes today than in the detached home market,” Morrison continued. Home sales of attached, condos, and townhomes reached 2,253 last month, a 32.6% decrease from September 2015 and a 9.5% decrease from August 2016.

    September’s Stats at a Glance:

    New Listings (detached, attached, and apartment): 4,799
    1% decrease from September 2015
    11.8% increase from August 2016

    Total Active listings on MLS®: 9,354
    13.4% decrease from September 2015
    10% increase from August 2016

    Sales-to-Active-Listings ratio: 24.1%
    Lowest since February 2015

    Benchmark price for all residential properties: $931,900
    28.9% increase from September 2015
    0.1% decrease from August 2016

    Benchmark price for a detached property is $1,579,400
    33.7% increase from September 2015
    0.1% increase from August 2016

    Detached property sales totaled 666
    47.6% decrease from September 2015

    Benchmark price for an apartment property is $511,800
    23.5% increase from September 2015
    0.5% decrease from August 2016

    Apartment property sales totaled 1,218
    20.3% decrease from September 2015

    Benchmark price for an attached unit is $677,000
    29.1% increase from September 2015
    0.1% decrease from August 2016

    Attached property sales totaled 369
    32.2% decrease from September 2015

    If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!

    *REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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