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Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

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In April 2017, there was a total of 3,553 sales which is a 25.7% decrease from the record 4,781 sales in April 2016 and an 0.7% decrease compared to March 2017.

 

The sales in April were 4.8% above the 10-year sales average for the month.

 

During the last few months, condo’s and townhome sales have dominated the residential market in Metro Vancouver. They’ve accounted for 68.5%, on average, of all residential sales.

 

There is HOT, HOT, HOT demand for condos and townhomes as shown in the infographic.

 

The benchmark price for condo’s is $554,100. There were 2,094 active listings, 1,722 sales, resulting in a sales-to-active listing ratio of 82.2%. For townhomes, the benchmark price is $701,800. There were 1,066 active listings, 620 sales, resulting in a sales-to-active listing ratio of 58.2% which indicates a good demand. As for detached homes, the benchmark price for detached properties is $1,516,500. There were 4,653 active listings, only 1,211 sales, resulting in a sales-to-active listing ratio of 26%.

 

The demand for condo’s and townhomes is coming both from older buyers downsizing, and younger buyers trying to get into the market.

Across the Lower Mainland, the benchmark price for condos has gone up 8.2% over the past three months, compared to 5.5% for townhomes and 3.2% for single-family homes.

 

Over that period, the biggest changes in condo prices were in:

·         Coquitlam: 10.1% increase.

·         Vancouver East: 9.5% increase.

·         Richmond: 9.0% increase.

 

Some areas did still see large increases in single-family detached home prices, including Port Coquitlam 9.9% and Coquitlam 7.2%.

 

Sales-to-Active Listing Ratio in recent months:

September 24.1%

October 24.4%

November 26.4%

December 27.0%

January 2017 21%

February 2017 31.9%

March 2017 47.2%

April 2017 45.5%

 

To put this into perspective, 14% or under indicates a Buyer's market, 20% or above is a Seller's market, and 14%-19% is a balanced market.

 

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In February 2017, there was a total of 2,425 sales which is a 41.9% decrease from the record 4,172 sales in February 2016 and an 59.2% increase compared to January 2017.

 

The sales in January were 7.7% below the 10-year February sales average for the month.

 

As you can see from the infographic, there is still a relatively strong demand for condos and townhomes. For apartments, there were 2,253 active listings, 1,275 sales, resulting in a sales-to-active listing ratio of 56.6% which is very strong. For townhomes, there were 1,031 active listings, 404 sales, resulting in a sales-to-active listing ratio of 39.2% which indicates a good demand. As for detached homes, there were 4,310 active listings, only 745 sales, resulting in a sales-to-active listing ratio of 17.3%.

 

Though a 17.3% sales-to-active listing ratio is low for the detached market, I still see homes selling quickly with multiple offers if it is priced and marketed well. There is endless supply of overpriced inventory in the detached market with many sellers thinking they can capitalize from the hot market from last year, which is not happening in today’s market.

 

Sales-to-Active Listing Ratio in recent months:
September 24.1%
October 24.4%
November 26.4%
December 27.0%
January 2017 21%
February 2017 39.1%

 

To put it into perspective, a 10-12% or less indicates it is a Buyer's market, 20% or above is a Seller's market, and in between is a balanced market. The highest we have seen was 70% in March 2016.

 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.