October Vancouver Real Estate Market Update

  • Townhomes and Apartments Push October Real Estate Sales to Historical Numbers

    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.

    October’s Real Estate Market in Numbers at a Glance:

    New Listings (detached, attached, and apartment): 4,539

    14% increase from October 2016
    15.6% decrease from September 2017

    Total Properties for Sale on MLS®: 9,137

    0.1% decrease from October 2016
    3.5% decrease from September 2017

    Sales-to-Active Listings Ratio: 33.1%

    Detached: 16.8%
    Townhomes: 44.8%
    Apartments: 66%

    Benchmark price for all residential properties: $1,042,300

    12.4% increase from October 2016
    0.5% increase from September 2017

    Benchmark price for a detached property is $1,609,600

    4.0% increase from October 2016
    0.5% decrease from September 2017

    Detached property sales totaled 940

    44.2% increase from October 2016
    34.6% decrease from October 2015

    Benchmark price for an apartment property is $642,000

    22.7% increase from October 2016
    1.0% increase from September 2017

    Apartment property sales totaled 1,532

    30.1% increase from October 2016
    0.7% decrease from October 2015

    Benchmark price for an attached unit is $802,400

    17.7% increase from October 2016
    2.0% increase from September 2017

    Attached property sales totaled 550

    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 OctoberREBGV-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:

     

    • 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.

     

     

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