Wednesday, January 3, 2018
After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9% decrease from the 39,943 sales recorded in 2016, and a 15% decrease over the 42,326 residential sales in 2015.
Last year’s sales total was, however, 9.7% above the 10-year sales average.
“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”
Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1% decrease compared to the 57,596 homes listed in 2016 and a 4.5% decrease compared to 2015.
Last year’s listings total was 4.4% below the 10-year listings average.
“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9% compared to December 2016.
The benchmark price of condominiums increased 25.9% in the region last year. Townhomes increased 18.5% and detached homes increased 7.9 per cent.