Demand for condominiums continues to outstrip supply


The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 per cent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

There were 5,721 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2017. This represents a 2.6 per cent decrease compared to the 5,875 homes listed in June 2016 and a 5.3 per cent decrease compared to May 2017 when 6,044 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,515, a nine per cent increase compared to June 2016 (7,812) and a 4.2 per cent increase compared to May 2017 (8,168).

“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

For all property types, the sales-to-active listings ratio for June 2017 is 45.7 per cent. By property type, the ratio is 24.5 per cent for detached homes, 62 per cent for townhomes, and 93.2 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Market conditions will vary today depending on area and property type,” Oudil said. “It’s important to work with your local REALTOR® to help you understand the trends that are occurring in your community.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 7.9 per cent increase over June 2016 and a 1.8 per cent increase compared to May 2017.

Sales of detached properties in June 2017 reached 1,320, a decrease of 15.5 per cent from the 1,562 detached sales recorded in June 2016. The benchmark price for detached properties is $1,587,900. This represents a 1.4 per cent increase from June 2016 and a 1.1 per cent increase compared to May 2017.

Sales of apartment properties reached 1,905 in June 2017, a decrease of 9.6 per cent compared to the 2,108 sales in June 2016. The benchmark price of an apartment property is $600,700. This represents a 17.6 per cent increase from June 2016 and a 2.9 per cent increase compared to May 2017.

Attached property sales in June 2017 totalled 668, a decrease of 8.5 per cent compared to the 730 sales in June 2016. The benchmark price of an attached unit is $745,700. This represents a 10.7 per cent increase from June 2016 and a 0.6 per cent increase compared to May 2017.

...
Read full post
Categories:   1500 Pendrell Real Estate | 8th Ave Garden Apartments Real Estate | 8th Ave Terrace Real Estate | Adventure Ridge Real Estate | Affiniti Real Estate | Alexandra House Real Estate | Atrium on the Park Real Estate | Barclay Square Real Estate | Blueridge Real Estate | Bowman Block Real Estate | Boyd Park Real Estate | Brentwood Park Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse Real Estate | Brighouse South Real Estate | Brighouse South, Richmond Real Estate | Brighouse, Richmond Real Estate | Brighton Court Real Estate | Brighton Real Estate | Brix II Real Estate | Broadmoor Real Estate | Broadmoor, Richmond Real Estate | Broadway Crest Real Estate | Broadway Crest Real Estate | Broughton Terrace Real Estate | Burnaby Hospital Real Estate | Cambie Real Estate | Cambie, Vancouver West Real Estate | Cambridge Gardens - North Tower Real Estate | Capitol Hill BN Real Estate | Capitol Hill Real Estate | Carrera of Portico Real Estate | Casablanca Real Estate | Cedar Cottage Real Estate | Central BN Real Estate | Central BN, Burnaby North Real Estate | Central Park Real Estate | Centro Real Estate | Champlain Heights Real Estate | Champlain Heights, Vancouver East Real Estate | Charter House Real Estate | Cheam Popkum/Bridal Falls Real Estate | Chesapeake Landing Real Estate | Chilco Park Real Estate | Chilco Park Real Estate | Citadel PQ Real Estate | Citadel PQ, Port Coquitlam Real Estate | City Gate One Real Estate | Classico Real Estate | Coal Harbour Real Estate | Coal Harbour, Vancouver West Real Estate | Collection 45 Real Estate | Collingwood Real Estate | Collingwood VE Real Estate | Collingwood VE, Vancouver East Real Estate | Commercial Drive Real Estate | Commercial Drive Real Estate | Connaught Estates Real Estate | Connaught Gardens Real Estate | Cottonwood MR Real Estate | Cottonwood MR, Maple Ridge Real Estate | Creekside Real Estate | Deep Cove Real Estate | Deerfield Real Estate | Dianne Court Real Estate | Discovery Quay Real Estate | Discovery Real Estate | Domus Real Estate | Donovan by Cressey Real Estate | Dover Pointe Real Estate | Downtown NW Real Estate | Downtown Real Estate | Downtown VE Real Estate | Downtown VW Real Estate | Downtown VW, Vancouver West Real Estate | Dunbar Real Estate | Dunbar Real Estate | Dunbar, Vancouver West Real Estate | Eastbrook Green Real Estate | Edmonds BE Real Estate | Electra Real Estate | Electric Avenue Real Estate | Element Real Estate | Elements Real Estate | Eleven Eleven Haro Real Estate | Eleven Real Estate | Fairview Real Estate | Fairview 2 Real Estate | Fairview Place Real Estate | Fairview Real Estate | Fairview VW Real Estate | Fairview VW, Vancouver West Real Estate | False Creek North Real Estate | False Creek North, Vancouver West Real Estate | False Creek Real Estate | False Creek, Vancouver West Real Estate | Forest Hills BN Real Estate | Forest Hills Real Estate | Fraser Real Estate | Fraser Heights Real Estate | Fraser Real Estate | Fraser VE Real Estate | Fraser VE, Vancouver East Real Estate | Fraserview NW Real Estate | Fraserview Real Estate | Fraserview VE, Vancouver East Real Estate | Galleria II Real Estate | Galleria II Real Estate | Gilford Court Real Estate | GlenBrooke North Real Estate | Glenmore Real Estate | Glenwood PQ Real Estate | Government Road Real Estate | Government Road, Burnaby North Real Estate | Grandview Real Estate | Grandview (The Drive) Real Estate | Grandview Manor Real Estate | Grandview Real Estate | Grandview VE Real Estate | Grandview VE, Vancouver East Real Estate | Grandview Woodland Real Estate | Granville Real Estate | Granville, Richmond Real Estate | Gravely Heights Real Estate | Hamilton Real Estate | Hamilton RI Real Estate | Harbourside Park Real Estate | Haro Glen Real Estate | Harwood Terrace Real Estate | Harwood Terrace Real Estate | Hastings East Real Estate | Hastings East Real Estate | Hastings East, Vancouver East Real Estate | Hastings Real Estate | Hastings Sunrise Real Estate | Hastings, Vancouver East Real Estate | Hawthorne Real Estate | Heritage Terrace Real Estate | Heritage Woods Real Estate | Heritage Woods PM Real Estate | Heritage Woods PM, Port Moody Real Estate | Heritage Woods Real Estate | Highbourne Tower Real Estate | Highgate Real Estate | Hornby Court Real Estate | Hornby Court Real Estate | HUDSON MEWS Real Estate | Hunting Place Real Estate | Jackson Gardens Real Estate | Karma Rose Real Estate | Keats Hall Real Estate | Kerrisdale Real Estate | KING EDWARD VILLAGE Real Estate | Kitsilano Real Estate | Kitsilano, Vancouver West Real Estate | Knight Real Estate | Knight, Vancouver East Real Estate | LA CASA Real Estate | La Casa Real Estate | La Contessa Real Estate | La Galleria Real Estate | La Residenza Real Estate | Ladner Elementary Real Estate | Landmark Caprice Real Estate | Landmark Gardens Real Estate | Latitude Real Estate | Liberta Real Estate | Lighthouse Terrace Real Estate | Lower Lonsdale Real Estate | Lynnmour Real Estate | MacKenzie Heights Real Estate | Magnolia Real Estate | Main Real Estate | Main St. Real Estate | Main, Vancouver East Real Estate | Maison Real Estate | Marpole Real Estate | Marpole, Vancouver West Real Estate | Mason Real Estate | Mayfair Real Estate | McLennan North Real Estate | McLennan Real Estate | Mercer Real Estate | Metropolis - Tower of Sweetness Real Estate | Metropolis Real Estate | Metrotown Real Estate | Metrotown, Burnaby South Real Estate | Modello Real Estate | Montecito Real Estate | Mount Pleasant Real Estate | Mount Pleasant Real Estate | Mount Pleasant VE Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Mountain's Edge Real Estate | Nautica North Real Estate | Neilsen Grove Real Estate | Nelson on Foster Real Estate | Newport Quay Real Estate | Norfolk Place Real Estate | Norgate Real Estate | Norgate, North Vancouver Real Estate | North Coquitlam Real Estate | North Shore Pt Moody Real Estate | Oakridge Real Estate | Oakridge VW Real Estate | Oakridge VW, Vancouver West Real Estate | Omega City Homes Real Estate | Oxford Heights Real Estate | Pacifica Real Estate | Palace Quay Real Estate | Palisades Real Estate | Parc Rivieria Real Estate | Paris Place Real Estate | Parkview Terrace Real Estate | Parkwood Manor Real Estate | Pebble Hill Real Estate | Pebble Hill, Tsawwassen Real Estate | Pelican Pointe Real Estate | Pemberly Real Estate | Pendrell Mews Real Estate | Pendrell Mews Real Estate | Pepper Ridge Real Estate | Pilot House at Tugboat Landing Real Estate | Pinnacle Real Estate | Point Grey Real Estate | Point Grey, Vancouver West Real Estate | Prince Albert Court Real Estate | Princeton Manor Real Estate | Proximity Real Estate | Quay Real Estate | Quay West Real Estate | Quaywest Real Estate | Queens Park Real Estate | Queensborough Real Estate | Queensborough, New Westminster Real Estate | Quilchena Real Estate | Quilchena RI Real Estate | Quilchena, Vancouver West Real Estate | Raintree Gardens Real Estate | Ralston Court Real Estate | Renfrew Real Estate | Renfrew Heights Real Estate | Renfrew Heights, Vancouver East Real Estate | Renfrew Real Estate | Renfrew VE Real Estate | Renfrew VE, Vancouver East Real Estate | River Dance Real Estate | River Dance Real Estate | River Springs Real Estate | Riverdale RI Real Estate | Riverdale RI, Richmond Real Estate | Rivers Reach Real Estate | Rose Garden Estates Real Estate | Royal Gardens Real Estate | S.W. Marine Real Estate | S.W. Marine, Vancouver West Real Estate | Sandcastle Villa Real Estate | Saunders Real Estate | Sea Island Real Estate | Seafair Real Estate | Seafair Real Estate | Sechelt District Real Estate | SEQUOIA LIVING Real Estate | Sequoia Real Estate | Seymour Real Estate | Shaughnessy Real Estate | Shaughnessy Square Real Estate | Silver Valley Real Estate | Sixth Estate Real Estate | South Arm Real Estate | South Marine Real Estate | South Marine, Vancouver East Real Estate | South Meadows Real Estate | South Meadows, Pitt Meadows Real Estate | South Slope Real Estate | South Slope, Burnaby South Real Estate | South Surrey Real Estate | South Vancouver Real Estate | South West Marine Real Estate | Southlands Real Estate | Southlands Real Estate | Southwater Real Estate | St. Pierre Real Estate | Steveston Real Estate | Steveston Mews Real Estate | Steveston North Real Estate | Steveston North, Richmond Real Estate | Steveston Real Estate | Steveston South Real Estate | Steveston South, Richmond Real Estate | Steveston Village Real Estate | Steveston Village, Richmond Real Estate | Strathcona Real Estate | Strathcona, Vancouver East Real Estate | Sullivan Heights Real Estate | Sullivan Heights, Burnaby North Real Estate | Sullivan Station Real Estate | Sullivan Station, Surrey Real Estate | Summit Real Estate | Sunshine Hills Woods Real Estate | SW Marine Drive Real Estate | Sylvia Tower Real Estate | Tapestry Real Estate | The 16th Arrondissement Real Estate | The Belcarra Real Estate | The Bohemia Real Estate | The Brighton Real Estate | The Brio Real Estate | The Columbus Real Estate | The Courtyards Real Estate | The Crest Real Estate | The Crystallis Real Estate | The Drive Real Estate | The Drive Real Estate | THE EMERALD Real Estate | The Fairview Real Estate | The Galleria Real Estate | The Grace Residences Real Estate | The Grove Real Estate | The Hamilton Real Estate | The Hampstead Real Estate | The Heritage Real Estate | The Hub Real Estate | The Keenleyside Real Estate | The King Edward Real Estate | The Lagoons Real Estate | The Oaks Real Estate | The Park Real Estate | The Peninsula Real Estate | The Pinnacle Real Estate | The Rhapsody Real Estate | The Savoy Real Estate | The Sixth Estate Real Estate | The Space Real Estate | The Summit Real Estate | The Viceroy Real Estate | The Village Real Estate | The Watershed Real Estate | Tiffany Court Real Estate | Tiffany Court Real Estate | Twin Court Real Estate | Two Park West Real Estate | University VW Real Estate | University VW, Vancouver West Real Estate | Uptown NW Real Estate | Uptown Real Estate | Vancouver East Real Estate | Vancouver Heights Real Estate | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate | Vantage Cityhomes Real Estate | Vantage Point II Real Estate | Vantage Real Estate | Verona of Portico Real Estate | Verona Real Estate | Victoria Real Estate | Victoria VE Real Estate | Victoria VE, Vancouver East Real Estate | Villa Sophia Real Estate | Village Walk Real Estate | Waterside at Dover Place Real Estate | West End Real Estate | West End Real Estate | West End Vancouver Real Estate | West End VW Real Estate | West End VW, Vancouver West Real Estate | West One Real Estate | West Park Real Estate | Westender One Real Estate | Westlynn Terrace Real Estate | Westlynn Terrace, North Vancouver Real Estate | Westridge BN Real Estate | Westridge Real Estate | Westwind Real Estate | Westwind, Richmond Real Estate | Westwood Plateau Real Estate | Whalley Real Estate | White Rock Real Estate | Willingdon Heights Real Estate | Willingdon Heights, Burnaby North Real Estate | Willoughby Heights Real Estate | Willowleaf Place Real Estate | Windgate Encore Real Estate | Woodland Acres PQ, Port Coquitlam Real Estate | Woodwards Real Estate | Woodwards, Richmond Real Estate | XL Lofts Real Estate | XL Real Estate | Yaletown Park 2 Real Estate | Yaletown Real Estate | Yaletown, Vancouver West Real Estate
Blogs
Posts By Date
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.