October sales exceed historical average

Market Highlights from REBGV October 2017

Thursday, November 2, 2017


Metro Vancouver home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3% increase from sales recorded in October 2016, and an increase of 7.1% compared to September 2017.

 

Last month’s sales were 15% above the 10-year October sales average.

 

"Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV president said. "It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices."

 

There were 4,539 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14% increase compared to October 2016 and a 15.6% decrease compared to September 2017.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,137, a 0.1% decrease compared to October 2016 and a 3.5% decrease compared to September 2017.

 

For all property types, the sales-to-active listings ratio for October 2017 is 33.1%. By property type, the ratio is 16.8% for detached homes, 44.8% for townhomes, and 66% for condominiums.

 

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

 

"The growth in our provincial economy and job market is contributing to today's demand," Oudil said. "The federal government's announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place."

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,300. This represents a 12.4% increase over October 2016 and a 0.5% increase compared to September 2017.

 
 It’s more than analyzing the market ups and downs;
 it's an experienced perspective and sound advice

DETACHED

Sales of detached properties in October 2017 reached 940, a 44.2% increase from October 2016 and a 34.6% decrease from October 2015. The benchmark price for detached properties is $1,609,600. This represents a four per cent increase from October 2016 and a 0.5 per cent decrease compared to September 2017.

 

APARTMENT

Sales of apartment properties reached 1,532 in October 2017, a 30.1% increase compared to October 2016 and a 0.7% decrease from October 2015. The benchmark price of an apartment property is $642,000. This represents a 22.7% increase from October 2016 and a one per cent increase compared to September 2017.

ATTACHED

Attached property sales in October 2017 totalled 550, a 36.5% increase compared to October 2016 and a 17.4% decrease from October 2015. The benchmark price of an attached unit is $802,400. This represents a 17.7% increase from October 2016 and a two per cent increase compared to September 2017. 

 

- For more information from the Real Estate Board of Greater Vancouver, click here.

 

Feel free to call me with any questions you may have and pass this and my contact information along to your friends or family who are in need of real estate help.

Sincerely,

Janet

janet@janetingraham.com

cell     604.805.8704

office 604.737.8865

5487 West Boulevard

Vancouver, BC V6M 3W5