Last month’s sales exceeded historical averages for October by 15%. A total of 3,022 residential property sales were made, which is a whopping 35.3% increase from October 2016, and 7.1% from September 2017. Real Estate Board of Greater Vancouver president, Jill Oudil credits the townhome and apartment markets for the spike.
“Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Oudil said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”
Oudil also believes that BC’s economy and job market growth are contributing factors, along with the federal government’s newer, tighter mortgage requirements. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place,” she said.
14% increase from October 2016
15.6% decrease from September 2017
0.1% decrease from October 2016
3.5% decrease from September 2017
12.4% increase from October 2016
0.5% increase from September 2017
4.0% increase from October 2016
0.5% decrease from September 2017
44.2% increase from October 2016
34.6% decrease from October 2015
22.7% increase from October 2016
1.0% increase from September 2017
30.1% increase from October 2016
0.7% decrease from October 2015
17.7% increase from October 2016
2.0% increase from September 2017
36.5% increase from October 2016
17.4% decrease from October 2015
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Or you can download the Snap Stats 2017 October, REBGV-Stats-Pkg-October-2017 and Benchmark Summary Report, October 2017.
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:
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