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Condominiums and townhomes in high demand across Metro Vancouver

Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.

“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," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “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.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 per cent compared to the 6,127 units listed in April 2016 and a three per cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 per cent increase compared to April 2016 (7,550) and a three per cent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 per cent for all property types. This is two per cent below March 2017 and is indicative of a sellers’ market. 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.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 per cent for townhomes, and 82.2 per cent for condominiums.

“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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five per cent increase over the past three months and an 11.4 per cent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 per cent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 per cent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 per cent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 per cent increase over the last 12 months and a 1.8 per cent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 per cent increase over the past 12 months and a 3.1 per cent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 per cent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 per cent increase over the past 12 months and a 2.4 per cent increase compared to March 2017.

Download the full April 2017 stats package here. 

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Demand for homes continues to outpace supply in Metro Vancouver

A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.

Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.

Last month’s sales were 7.9 per cent above the 10-year sales average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed.

This is the lowest number of new listings in March since 2009.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594).

The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. 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.

“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017.

Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017.

Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017.

Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017.

Download the full March 2017 stats package here. 

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Low supply continues to limit Metro Vancouver home buyers

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 per cent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. 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.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

Download the full stats package by clicking here.
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Metro Vancouver housing market off to a quieter start than last year

Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.

Last month’s sales were 10.3 per cent below our 10-year January sales average.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties were listed.

The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1 per cent increase compared to December 2016 (6,345).

The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has been in the region since January 2015. 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.

“Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 per cent since peaking in July while townhome and condominium prices held steady over this period.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7 per cent decline over the past six months and a 0.2 per cent decrease compared to December 2016. 

Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from the 1,047 detached sales recorded in January 2016. The benchmark price for detached properties is $1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent decrease compared to December 2016.

Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300. This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase compared to December 2016.

Attached property sales in January 2017 totalled 254, a decrease of 32.4 per cent compared to the 376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents a 0.4 per cent decline over the last six months and a 0.7 per cent increase compared to December 2016.
 
Download the full stats package by clicking here.

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BC Home Sales Post Record Year

Vancouver, BC – January 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year," said Cameron Muir, BCREA Chief Economist. "However, home sales have fallen back from their lofty peaks early last year." The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

For the complete news release, including detailed statistics, click here.

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A heated year for Metro Vancouver real estate draws to a close

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. 

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014. 

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015. 

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold.

Last month’s sales were 8.1 per cent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.

Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.

Download the full December 2016 stats package by clicking here. 

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First-time homebuyers will soon be able to access 25-year down payment loans of up to $37,500, or 5% of the purchase price, that are interest-free—and payment-free—for the first five years.

B.C. Premier Christy Clark announced December 15 the provincial government is investing $703 million over the next three years to fund the program, which will be carried out by the B.C. Home Owner Mortgage and Equity Partnership Program. It estimates this will help 42,000 enter the market for the first time.

Rich Coleman, Minister Responsible for Housing, said the program is part of the government’s focus on tackling housing affordability issues in the province.

“The first step into the market can be the hardest step, so our government will partner with homebuyers to help them achieve their minimum down payment,” Coleman said. “This partnership can help lower their monthly costs in the first five years, and help make home ownership more affordable.”
The home must remain the homebuyer’s principal residence for the first five years to keep the loans interest- and payment-free over the period. After this point, homeowners will make monthly payments at current interest rates for 20 years. The loan can be repaid in full without penalty at any time, but the full amount must be repaid when the home is sold or transferred to another owner.

Buyers need to qualify for insured high-ratio first mortgages. They would receive loan proceeds on sale completion. The loan will then be registered as a second mortgage.

Applications do not start until Jan 16, 2017 and loans advanced from Feb 15, 2017 to March 31, 2020. The Buyer must be a Canadian citizen or permanent resident for at least 5 years, resided in BC for at least 12 months, make less than $150,000 (as a family) and must be pre-approved for the first mortgage before applying.

The program will begin accepting applications for the new program January 16, 2017.
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HIGH DEMAND AND LOW SUPPLY CONTINUED TO CHARACTERIZE VANCOUVER’S AND TORONTO’S HOUSING MARKETS THROUGHOUT 2016 AS COMPETITION FROM BUYERS FOR LIMITED INVENTORY OF SINGLE-FAMILY HOMES PUSHED PRICES HIGHER.

The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.

Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move-over” buyers) who are looking to find a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).

Regulation changes at both the provincial and federal level towards the end of 2016 are already starting to impact activity in certain markets. The 15 per cent foreign-buyer tax is expected to slow this trend somewhat, as price appreciation declines in Vancouver have resulted in some potential sellers staying in the Lower Mainland. The ripple effect of the foreign-buyer tax can also be felt in the upper end of the GTA and Montreal markets as some foreign investors are expected to look for properties in these regions rather than Vancouver. Measures taken by the federal government to tighten mortgage insurance criteria for new home buyers is expected to temper local rst-time buyer activity across the country in the short term, but is not expected to have a long-term impact in most regions.

Home ownership remains a priority for Canadians, with 53 per cent of respondents in a recent RE/MAX survey conducted by Leger expressing intent to purchase a home and 47 per cent expressing intent to do so in the next five to 10 years. Nearly one in three (30 per cent) Canadians plan to use the purchase of a home as an investment strategy to help fund their retirement, and 42 per cent of millennial respondents view it as a retirement funding strategy. A proportion of Canadians would also consider unconventional home financing options to realize their dream of ownership such as: purchasing a home with a family member (33 per cent); renting a room on a vacation rental site like Airbnb (15 per cent); renting out a room in their home (22 per cent); or even purchasing a home with a roommate (9 per cent).

The housing markets in Calgary and Edmonton remained relatively stable, with moderate declines in the number of sales and average residential sale price as a result of the prolonged recovery of the oil sector over the past two years. The average residential sale price in Edmonton decreased slightly, by two per cent year-over-year in 2016, while Calgary’s average residential sale price decreased by four per cent. Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province.

High inventory continues to be a factor in many regions including Regina, Montreal, Saint John and St. John’s, offering a good selection of product to first-time and move-up buyers in these cities. Local infrastructure projects and initiatives, such as preparations for Montreal’s 375th anniversary celebrations in 2017, are anticipated to provide a boost to these economies and their real estate markets next year. 

The RE/MAX 2017 average residential sale price expectation for Canada is an increase of two per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.

Click the link below to review the entire report.

RE/MAX 2017 HOUSING REPORT

 
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Home sales and listings just below 10-year average

Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.

Last month’s sales were 7.6 per cent below the 10-year sales average for the month.

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.

Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent). 

Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.

Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.

Download the full stats package by clicking here.
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The City of Vancouver has approved an Empty Homes Tax aimed at boosting rental rates in our city’s incredibly hot market.

All non-principal residences left unoccupied for at least six months of the year will be subject to a 1% tax on the assessed value of the property, as of 2017.

The new tax is aimed at tackling affordability issues and increasing rental supply in Vancouver, where it is becoming impossible to even find a place to rent, let alone buy.

According to the City, more than 22,000 homes in Vancouver were found to be unoccupied or occupied by temporary residents on Census Day in May 2011.

Meanwhile, this year the City found 10,800 homes were not occupied, and concluded that put a strain on a housing market that’s already stretched to capacity.

There will be some exemptions on which land and homes are subject to the tax, including .

  • -properties are undergoing major renovations, under construction or in redevelopment (with permits)
  • -the registered owner (or other occupier) is undergoing medical or supportive care
  • -the property is subject to existing strata rental restrictions

The whole system will be self-reporting, with the City carrying out random audits to ensure compliance. And if you are caught not paying the tax, there will be penalties to pay.

 

The City’s plans come after notifying 220,000 homeowners, holding open houses attended by 500 residents, and receiving more than 10,000 responses to an online survey.

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Check out the RE/MAX 2016 Spotlight on Luxury Report! 

Sales of homes priced over $1 million were up year-over-year in Toronto, Vancouver, Calgary, Victoria and Oakville in the rst nine months of 2016. In the Greater Toronto Area and Vancouver, Canada’s largest high-end housing markets, sales of $3 million-plus homes saw signi cant increases, of 86 per cent in the GTA and 41 per cent in Vancouver.

While Vancouver sales of $1 million properties were up by three per cent overall, single-family home sales in that range declined by seven per cent year-over-year. One factor contributing to this decrease is the foreign buyer tax implemented by the provincial government in August, which has resulted in slowing demand for single-family detached homes from o -shore buyers. Additionally, higher inventory of luxury homes may be lessening buyers’ sense of urgency. 

Click on the icon below to read the full report. 
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Home sale and listing activity dip below historical averages in October

Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.” 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354). 

The sales-to-active listings ratio for October 2016 is 24.4 per cent. 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.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016. 

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

 
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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.