Property-Specific Demand Continues to Drive Vancouver Real Estate


  • “Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Real Estate Board of Vancouver president, Jill Oudil, remarked on the numbers that categorized the first month of 2018. Residential home sales were 7.1% above the 10-year average for January. While by property type, detached sales were 24.8% down from the 10-year average for the same period and attached sales 14.3% up, as were apartment sales at a 31.6% increase.

    “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends,” she cautioned those looking to sell their Vancouver property this year.

    Vancouver’s January Real Estate Market by the Numbers:

    Total Homes Listed for Sale (detached, attached, and apartment): 1,818
    9.8% decrease from December 2017
    19.4% increase from January 2017

    New Property Listings (detached, attached, and apartment): 3,796
    100.7% increase from December 2017
    8.3% increase from January 2017

    Total Property Listings (detached, attached, and apartment): 6,947
    0.2% decrease from December 2017
    4.0% decrease from January 2017

    Sales-to-Active Listings Ratio: 26.2%
    Detached: 11.6%
    Townhomes: 32.8%
    Apartments: 57.2%

    Benchmark price for all properties is $1,056,500
    16.6% increase from January 2017
    0.6% increase from December 2017

    Benchmark price for a detached property is $1,601,500
    0.3% decrease from December 2016
    8.3% increase from January 2017

    Detached property sales totaled 487
    9.7% increase from January 2017

    Benchmark price for an apartment property is $665,400
    1.5% increase from December 2017
    27.4% increase from January 2017

    Apartment property sales totaled 1,012
    22.7% increase from January 2017

    Benchmark price for an attached unit is $803,700
    Unchanged from December 2017
    17.5% increase from January 2017

    Attached property sales totaled 319
    25.6% increase from January 2017

    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.

    Document 1

    Document 2

    Document 3

    Document 4

    Document 5

    Document 6

    Document 7

    Related Post