While listings and sales in December were lower than November, the month’s sales were still 7.5% above the 10-year average. There were 1,891 new homes listed for sale in December 2017, a 44.1% increase from December the previous year, and sales totalled 2,016; that’s a 17.6% increase from December 2016.
“As we move into 2018, realtors are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power,” Real Estate Board of Vancouver president, Jill Oudil said.
“Only time will tell what impact these rules will have on the market. Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,” she concluded.
Total Homes Listed for Sale (detached, attached, and apartment): 6,958
9.7% increase from December 2016
20.5% decrease from November 2017
Sales-to-Active Listings Ratio: 29%
Benchmark price for a detached property is $1,605,800
7.9% increase from December 2016
Detached property sales totaled 617
14% increase from December 2016
Benchmark price for an apartment property is $655,400
25.9% increase from December 2016
Apartment property sales totaled 1,028
12.3% increase from December 2016
Benchmark price for an attached unit is $803,700
18.5% increase from December 2016
Attached property sales totaled 371
43.8% increase from December 2016
If you’re interested in seeing 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!
If you’re interested in reading how 2017 did overall, here is our blog article: 2017 Housing Market in Review: Top Real Estate Trends in Vancouver
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*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.