Vancouver Market Levels As Sales Continue Decline

  • Residential property sales totalled 2,489 in Metro Vancouver last month; a 26% decline compared to August 2015 and a 22.8% decline from July 2016, while only 1% less than August 2013 sales. Indicative of the effects taking hold from the new Foreign Buyers tax, the downward trend in home sales this past summer isn’t actually causing a dip in the market, only a return to historically normal levels for the Lower Mainland. Long term effects on the Vancouver real estate market of the new tax will certainly continue to emerge, but for now, uncertainty among home buyers and sellers is palpable as foreign buyer activity declines.

    The Real Estate Board of Greater Vancouver’s president Dan Morrison stated that while it’s important to note the continuing imbalance between supply and demand when reviewing the numbers, “We’re [also] seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales. This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.” In other words, keep in mind the mix of properties when thinking about putting your home up for sale at the right price.

    The Market At a Glance:

    New Listings (detached, attached, and apartment): 4,293
    0.3% increase from August 2015
    18.1% decrease from July 2016

    Total Active listings on MLS®: 8,506
    21.9% decline from August 2015
    1.9% increase from July 2016

    Sales-to-Active-Listings ratio: 29.3%

    Benchmark price for all residential properties: $933,100
    31.4% increase from August 2015

    Benchmark price for a detached property is $1,577,300
    35.8% increase from August 2015

    Detached property sales totaled 715
    44.6% decrease from August 2015

    Benchmark price for an apartment property is $514,300
    26.9% increase from August 2015

    Apartment property sales totaled 1,343
    10.1% decrease from August 2015

    Benchmark price for an attached unit is $677,600
    31.1% increase from August 2015

    Attached property sales totaled 431
    25.4% decrease from August 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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