Condos and Townhomes Drive Metro Vancouver’s Real Estate Market

  • The Real Estate Board of Greater Vancouver’s April (REBGV) 2017 report proved yet again that attached homes are driving the market. While April sales were 4.8% above the 10-year average for the month, it was still a significant 25.7% decline from the same month last year, and a 0.7% decline from March 2017.

    “Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” said Jill Oudil, REBGV president. She continued to attest that “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

    68.5% of all residential sales for the past four months are attributed to condominium and townhomes according to the Multiple Listing Service® (MLS®) in Metro Vancouver. This is 10% higher than the same period last year. “Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

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

    New Listings (detached, attached, and apartment): 4,907
    19.9% decrease from April 2016
    0.3% increase from March 2017

    Total Active listings on MLS®: 7,813
    3.5% increase from April 2016
    3.0% increase from March 2017

    Sales-to-Active Listings Ratio: 45.5%
    Detached: 26%
    Townhomes: 58.2%
    Condominiums: 82.2%

    Benchmark price for all residential properties: $941,100
    11.4% increase from April 2016

    Benchmark price for a detached property is $1,516,500
    2.8% increase over the past 3 months
    1.8% increase from March 2017

    Detached property sales totaled 1,211
    38.8% decrease from April 2016

    Benchmark price for an apartment property is $554,100
    8.2% increase over the past 3 months *largest increase
    3.1% increase from March 2017

    Apartment property sales totaled 1,722
    18.3% decrease from April 2016

    Benchmark price for an attached unit is $701,800
    5.3% increase over the past 3 months
    2.4% increase from March 2017

    Attached property sales totaled 620
    10.8% decrease from April 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.

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