Low Supply and High Demand Continue to Drive the Vancouver Real Estate Market

  •  

    The steady demand for townhomes and condos continues to drive homebuyer activity in Vancouver, pushing sales to 17% above the 10-year average for November. But while demand is high as ever, Real Estate Board of Greater Vancouver president, Jill Oudil states “We have a long way to go before our home listing inventory rises back to more historically typical levels [despite] seeing more listings enter the market today than we saw at this time last year.”

    The total number of properties currently listed for sale on MLS® in Metro Vancouver is 8,747. That’s a 4.3% increase from to November 2016 and a 4.3% decrease from to October 2017.

    In the video, Matt Kerr breaks down what the November numbers mean for the housing market in both the Eastside and Westside of Vancouver. Read on for a full market recap on last month’s numbers, with the full information available for download below.

    November’s Real Estate Market in Numbers:

    New Listings (detached, attached, and apartment): 4,109
    30.6% increase from November 2016
    9.5% decrease from November 2017

    Residential Home Sales Totalled: 2,795
    26.2% increase from November 2016
    7.5% decrease from October 2017

    Sales-to-Active Listings Ratio: 32%
    3% increase from September 2017
    Detached: 15.9%
    Townhomes: 36.4%
    Apartments: 67.8%

    Benchmark price for all residential properties: $1,046,900
    14% increase from November 2016
    0.4% increase from October 2017

    Benchmark price for a detached property is $1,608,000
    6.1% increase from November 2016
    0.1% decrease from October 2017

    Detached property sales totaled 841
    31.8% increase from November 2016

    Benchmark price for an apartment property is $648, 200
    23.9% increase from November 2016
    1.0% increase from October 2017

    Apartment property sales totaled 1,508
    25.7% increase from November 2016

    Benchmark price for an attached unit is $805,200
    17.9% increase from November 2016
    0.3% increase from October 2017

    Attached property sales totaled 446
    18.6% increase from November 2016

    If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Or you can download the reports:

    November Document 1

    November Document 2

    November Document 3

    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!

    *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.

    ***The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in June.This led to the following changes:

    • Neighbourhoods where home sales over the past three years totaled 12 or less have been removed from the model. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Historical MLS® HPI data has been recalculated to reflect these changes.

    • The benchmark property descriptions have also been updated to reflect current buying trends.

Call Now