Demand decreases for detached homes...

Apartment and townhome activity is outpacing the detached home market across Metro. This activity helped push total residential sales above the historical average in September.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.

 

Last month’s sales were 13.1 per cent above the 10-year September sales average.

 

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” Jill Oudil, REBGVpresident said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

 

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807).

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

 

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017.

 

Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

 

Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017.

 

Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.

 

courtesy of the Real Estate Board of Greater Vancouver

Read full post

I have listed a new property at 212 2665 BROADWAY W in Vancouver.
Location, location, location. Welcome to the Maguire building in the heart of Kitsilano! This quiet, newly renovated, 2 bedroom 2 bathroom suite features new hardwood flooring, new appliances, designer light fixtures and paint (and more). The open floor plan flows out to a huge (31' x 15') north-facing patio with mountain views. Quiet side of the building. 2 parking, 1 storage locker as well as insuite storage. Concrete building with pro-active strata. Walkscore of 97, walk to shopping, restaurants, coffee, transit and Kits Beach. Open Thursday Sept 28, 5:30-6:30pm, Saturday Sept 30 2-4pm and Sunday Oct 1, 2-4pm.
Read full post

I have listed a new property at 947 HOMER ST in Vancouver.
Gorgeous 2 bedroom & Den townhouse in the heart of downtown Vancouver, close to shopping and all the amenities of city living. Walk to work or take in the Vancouver lifestyle, shops, and sporting events. Would be a great luxury urban home or executive rental investment. 24-hour concierge & gym for those early morning workouts. New appliances (fridge, stove, dishwasher), new floors, quartz countertops, carpets, paint, new Moen fixtures, and washer/dryer for the in suite laundry complete the recent updates. Gas fireplace incl. in strata fee. Move-in ready, quick possession possible & preferred. Pets and rentals over one month welcome. In-suite storage. Underground secure parking and visitors parking pass included. Open House Saturday Sept 16th 1-3pm & Sunday Sept 17th 2-4pm
Read full post

I have listed a new property at 802 1277 NELSON ST in Vancouver.
West End best modern concrete building - THE JETSON! This lovely bigger ONE bedroom apartment is completely renovated with a taste: granite countertops, new kitchen cabinets, S/S appliances, stylish laminate flooring, new bathroom. Move-in condition! Very well maintained building with lot of updates! One parking, storage and In Suite laundry. Perfect place to call home or very secure investment as building has NO rental restrictions. Easy to show.
Read full post

CONDO ACTIVITY CONTINUES TO BE THE TOP STORY

 

Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.

 

Last month’s sales were 19.6 per cent above the 10-year August sales average.

 

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

 

There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent decrease compared to July 2017 when 5,256 homes were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017 (9,194).

 

For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and 76.3 per cent for condominiums.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,” Oudil said. “Detached homes have entered a balanced market. This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 per cent increase over August 2016 and a one per cent increase compared to July 2017.

 

Sales of detached properties in August 2017 reached 901, a 26 per cent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 per cent increase from August 2016 and a 0.2 per cent increase compared to July 2017.

 

Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 per cent increase from August 2016 and a 1.7 per cent increase compared to July 2017.

 

Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.

 

Courtesy of the Real Estate Board of Greater Vancouver

Read full post
Categories:   Ambleside, West Vancouver Real Estate | Arbutus, Vancouver West Real Estate | Bolivar Heights, North Surrey Real Estate | Bowen Island, Bowen Island Real Estate | British Properties, West Vancouver Real Estate | Burnaby Lake, Burnaby South Real Estate | Cambie, Vancouver West Real Estate | Central BN, Burnaby North Real Estate | Central Lonsdale, North Vancouver Real Estate | Coal Harbour, Vancouver West Real Estate | Downtown VW, Vancouver West Real Estate | Dunbar, Vancouver West Real Estate | Economic News | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | Forest Glen BS, Burnaby South Real Estate | Fraser VE, Vancouver East Real Estate | Fraserview VE, Vancouver East Real Estate | Government Road, Burnaby North Real Estate | Grandview VE, Vancouver East Real Estate | Hawthorne, Ladner Real Estate | January 2013 | January 2017 Update | June Report 2011 | Kerrisdale, Vancouver West Real Estate | Killarney VE, Vancouver East Real Estate | Kitsilano, Vancouver Real Estate | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Lions Bay Real Estate | Lions Bay, West Vancouver Real Estate | Lower Lonsdale, North Vancouver Real Estate | Lynn Valley, North Vancouver Real Estate | MacKenzie Heights, Vancouver West Real Estate | Main, Vancouver East Real Estate | Marpole, Vancouver West Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | North Shore Pt Moody, Port Moody Real Estate | Oakridge VW, Vancouver West Real Estate | Oakridge, Vancouver West Real Estate | Oakridgr, Vancouver West Real Estate | Qualicum North Real Estate | Quilchena, Vancouver West Real Estate | Real Estate Stats for Vancouver from June 2011 | Real Estate Update for August 2011 | Real Estate Update for Vancouver October 2011 | Renfrew Heights, Vancouver East Real Estate | Renfrew VE, Vancouver East Real Estate | S.W. Marine, Vancouver West Real Estate | September 2011 Real Estate Update | Shaughnessy, Vancouver West Real Estate | South Vancouver, Vancouver East Real Estate | Southlands, Vancouver West Real Estate | Upper Lonsdale, North Vancouver Real Estate | Vancouver Real Estate | Vancouver West Real Estate | Victoria VE, Vancouver East Real Estate | West End VW, Vancouver West Real Estate | Yaletown, Vancouver West Real Estate
Blogs
Posts By Date
Categories