The 2016 housing market saw Metro Vancouver’s third highest selling year behind 2015 and 2005. The REBGV report for December has been released and confirms the total sales across all properties was 39,943; only a 5.6% decrease from 2015 despite the rocky times encountered towards the end of the year with new legislature regarding home ownership in Vancouver. Full, long-term effects of government interventions into the market won’t be seen for quite some time.
“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” said Real Estate Board of Greater Vancouver president, Dan Morrison. “The supply of homes for sale couldn’t keep up with the homebuyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”
The year end numbers topped out at $897,600 as the benchmark price for all residential properties. A modest 2.2% decrease over the second half of 2016, yet still a 17.8% increase compared to December 2015. While December’s sales were 8.1% below the 10-year average for the month
Total December Sales: 1,714
39.4% decrease from December 2015
22.6% decrease from November 2016
8.1% below the 10 year average
New Listings (detached, attached, and apartment): 1,312
35.1% decrease from December 2015
58.3% decrease from November 2016
Total Active listings on MLS®: 6,345
5.3% increase from December 2015
24.3% decrease from November 2016
Benchmark price for a detached property is $1,483,500
18.6% increase from December 2015
1.8% decrease from November 2016
Detached property sales totaled 541
52.4% decrease from December 2015
Benchmark price for an apartment property is $510,300
17.3% increase from December 2015
0.3% increase from November 2016
Apartment property sales totaled 915
25.3% decrease from December 2015
Benchmark price for an attached unit is $661,800
20.4% increase from December 2015
0.8% decrease from November 2016
Attached property sales totaled 258
44.6% decrease from December 2015
*REBGV Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
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