September 2017’s Vancouver Real Estate Market in Numbers

  • Housing type continues to drive housing demand in the Greater Vancouver real estate market. As a home seller in Vancouver, understanding this trend will help you and your realtor price your home–and set expectations–accordingly. Same goes if you’re looking to get into the Vancouver housing market. Your budget will determine what property sector you can afford.

    “Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” said Real Estate Board of Greater Vancouver president, Jill Oudil. “Detached homes made up 30% of all sales in September and represented 62% of all the homes listed for sale on the MLS®. 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.”

    Overall, last month’s sales were 13.1% above September’s 10-year sales average for the month.

    The Metro Vancouver Real Estate Market in Numbers:

    New Listings (detached, attached, and apartment): 5,375
    12% increase from September 2016
    26.6% increase from August 2017

    Residential Property Sales: 2,821
    25.2% increase from September 2016
    7.3% increase from August 2017

    Total Properties for Sale on MLS®: 9,466
    1.2% increase from September 2016
    7.5% increase from August 2017

    Sales-to-Active Listings Ratio: 29.8%
    Detached: 14.6%
    Townhomes: 42.3%
    Apartments: 60.4%

    Benchmark price for all residential properties: $1,037,300
    10.9% increase from September 2016
    0.7% increase from August 2017

    Benchmark price for a detached property is $1,617,300
    2.9% increase from September 2016
    0.1% increase from August 2017

    Detached property sales totaled 852
    27.9% increase from September 2016
    33% decrease from September 2015

    Benchmark price for an apartment property is $635,800
    21.7% increase from September 2016
    1.4% increase from August 2017

    Apartment property sales totaled 1,451
    19.1% increase from September 2016
    5.1% increase from September 2015

    Benchmark price for an attached unit is $786,600
    14.5% increase from September 2016
    1.1% increase from August 2017

    Attached property sales totaled 518
    40.4% increase from September 2016
    4.8% decrease from September 2015

    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.