Steady sales and diminished listings were the top characteristics that defined Vancouver’s real estate market in 2017. Metro Vancouver home sales returned to more historically normal levels after record highs the previous two years, while new home listings dropped by several thousand below usual activity.
In fact, 2017’s total listings were 4.4% below the 10-year listings average while the year’s total sales were 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,” said REBGV president Jill Oudil. “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.”
This difference in property type affected market activity considerably, upping competition in the condo and townhome markets, making multiple offer situations the norm, while detached home buyers were afforded more time to make decisions with less competition.
Total Vancouver Home Sales (detached, attached, and apartment): 35,993
9.9% increase from 2016
15% decrease from 2015
Total Vancouver Home Listings: 54,655
5.1% decrease from 2016
4.5% decrease from 2015
Benchmark price for all Vancouver residential properties: $1,050,300
15.9% increase from 2016
Benchmark price for a detached Vancouver property is $1,605,800
7.9% increase from 2016
Benchmark price for a condo in Vancouver:
25.9% increase from 2016
Benchmark price for a townhome in Vancouver:
18.5% increase from 2016
39,943 homes changed ownership to the tune of $40 billion through MLS® system in 2016 under the Real Estate Board of Greater Vancouver’s jurisdiction. This generated $2.5 billion in economic spin-off activity and approximately 17,600 jobs.
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If you’re interested in the complete breakdown, visit rebgv.org for all of the detailed comparisons. Oudil suggests navigating this seller’s market with savvy advice from your Realtor. Want some advice on how your home fits in? Call us for a consultation today!
*REBGV Editor’s Note: Areas covered by the 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, Pitt Meadows, Maple Ridge, and South Delta.