Condo Demand Continues to Dominate the Vancouver Real Estate Market

  • Demand for condominiums in the Lower Mainland is far outstripping the supply. “Two distinct markets have emerged this summer. The detached home market has seen demand lease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” said Real Estate Board of Greater Vancouver president, Jill Oudil.

    Last month’s residential property sales were down 11.5% from June 2016; a record-setting month at 4,400 sales. 10.8% less homes sold in June than in May 2017. Oudil credits location and selection for the numbers in the detached market, while condominium listings are nearing an all-time low on the MLS®. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February,” she concluded.

    Metro Vancouver’s June 2017 Real Estate Market by the Numbers:

    New Listings (detached, attached, and apartment): 5,721
    2.6% decrease from June 2016
    5.3% decrease from May 2017

    Total Active listings on MLS®: 8,515
    9.0% increase from June 2016
    4.2% increase from May 2017

    Sales-to-Active Listings Ratio: 45.7%
    Detached: 24.5%
    Townhomes: 62%
    Condominiums: 93.2%

    Benchmark price for all residential properties: $998,700
    7.9% increase from June 2016
    1.8% increase from May 2017

    Benchmark price for a detached property is $1,587,900
    1.4% increase from June 2016
    1.1% increase from May 2017

    Detached property sales totaled 1,320
    15.5% decrease from June 2016

    Benchmark price for an apartment property is $600,700
    17.6% increase from June 2016
    2.9% increase from May 2017

    Apartment property sales totaled 1,905
    9.6% decrease from June 2016

    Benchmark price for an attached unit is $745,700
    10.7% increase from June 2016
    0.6% increase from May 2017

    Attached property sales totaled 668
    8.5% decrease from June 2016

    If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Oudil suggests navigating this seller’s market with savvy advice from your Realtor. Want some advice on how your home fits in? Call us for a consultation today!

     

    *REBGV Editor’s Note: Areas covered by the 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, Pitt Meadows, Maple Ridge, and South Delta.

    ***The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in June.This led to the following changes:

     

    • Neighbourhoods where home sales over the past three years totaled 12 or less have been removed from the model. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Historical MLS® HPI data has been recalculated to reflect these changes.
    • The benchmark property descriptions have also been updated to reflect current buying trends.

     

     

    Related Post