Home sales in Metro Vancouver were only 7.6% below the 10-year sales average for November. “While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver president.

Overall, residential home sales totalled 2,214; a decrease of 0.9% from October 2016 and a 37.2% decrease from November 2015. Detached homes are seeing the most impact at the moment, as demand (relative to supply) for them is lower than for townhomes and apartments. This is causing a stabilizing effect on prices for townhomes and apartments, while detached homes are on a modest price decline.

The November Numbers:

New Listings (detached, attached, and apartment): 3,147
7.2% decrease from November 2015
20.9% decrease from October 2016

1.2% below the 10-year average for the month

Total Active listings on MLS®: 8,385
3.6% increase from November 2015
8.3% decrease from October 2016

Sales-to-Active-Listings ratio: 26.4%

Benchmark price for all residential properties: $908,300
20.5% increase from November 2015
1.2% decrease from October 2016

Benchmark price for a detached property is $1,511,100
23% increase from November 2015
2.2% decrease from October 2016

Detached property sales totaled 638
52.2% decrease from November 2015
2.1% decrease from October 2016

Benchmark price for an apartment property is $512,100
18% increase from November 2015
0% increase from October 2016

Apartment property sales totaled 1,200
22.7% decrease from November 2015
1.9% increase from October 2016

Benchmark price for an attached unit is $667,100
23% increase from November 2015
0.3% decrease from October 2016

Attached property sales totaled 376
40.9% decrease from November 2015
6.7% decrease from October 2016

Download the sales reports here:

• Vancouver East November 2016 Report
• Vancouver West November 2016 Report

*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.

Image credit: Shaundd

VANCOUVER, BC – November 2, 2016 – Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and- see approach to try and better understand what these changes mean for them.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).

The sales-to-active listings ratio for October 2016 is 24.4 per cent. 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.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

Download the complete stats package here.

Correction Notice:

Altus Group, the provider of the national MLS® Home Price Index (MLS® HPI), discovered a calculation error in their September 2016 reporting. This error resulted in variances of between 0.1 and 5 per cent in the benchmark prices the REBGV released for September 2016. Corrected September MLS® HPI numbers can be found at here.

*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.

The real estate industry is a key economic driver in British Columbia. In 2015, 42,326 homes changed ownership in the Board’s area, generating $2.7 billion in economic spin-off activity and an estimated 19,000 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $39 billion in 2015.

The Real Estate Board of Greater Vancouver is an association representing more than 13,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local Realtor or visit www.rebgv.org.

For more information please contact us.

Photo: popejon2

Summer started below recent averages in the Vancouver real estate market, and registered home sales were below 4,000 for the first time since January. The Real Estate Board of Greater Vancouver’s president Dan Morrison stated that after a record-breaking start to the year, home-buyer demand returned to more “normal” levels in-line with previous years.

“We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.” Morrison concluded, as July’s sales were still 6.5% above the 10-year sales average for the month. And with the recent introduction of the new BC Foreign Buyer’s Tax by the Canadian government, only time will tell what’s in store for the Vancouver market.

July 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,241
2.5% increase from July 2015
10.8% decrease from June 2016

Total Active listings on MLS®: 8,351
27.4% decline from July 2015
6.9% increase from June 2016

Sales-to-Active-Listings ratio: 38.6%

Benchmark price for all residential properties: $930,400
32.6% increase from July 2015

Benchmark price for a detached property is $1,578,300
38% increase from July 2015

Detached property sales totaled 1,077
30.9% decrease from July 2015

Benchmark price for an apartment property is $510,600
27.4% increase from July 2015

Apartment property sales totaled 1,602
7.3% decrease from July 2015

Benchmark price for an attached unit is $669,000
29.4% increase from July 2015

Attached property sales totaled 547
20.7% decrease from July 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*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.

For a printable version of the REALTOR® Report, please click here.

For a printable version of the REALTOR® Report, please click here.

The Real Estate Board of Greater Vancouver released their May numbers, which show no signs of slowing. Though they’re still being outpaced by home buyer demand, sellers are increasing their activity to the point where sales were 35.3% above the 10-year sales average for the month -- the highest sales on record for May.

There were 4,769 residential property sales listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. REBGV president Dan Morrison attributes sales to our strong economy. “Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity,” Morrison said. The result: more record-breaking numbers.

May 2016 By The Numbers:

New Listings (detached, attached, and apartment): 6,289

11.5% increase from May 2015

2.6% decrease from April 2016

Total Active listings on MLS®: 7,726

37.3% decline from May 2015

2.3% increase from April 2016

Sales-to-Active-Listings ratio: 61.7%

Benchmark price for all residential properties: $889,100

29.7% increase from May 2015

Benchmark price for a detached property is $1,513,800

36.9% increase from May 2015

Detached property sales totaled 1,865

8.2% increase from May 2015

Benchmark price for an apartment property is $485,000

22.3% increase from May 2015

Apartment property sales totaled 2,150

34.4% increase from May 2015

Benchmark price for an attached unit is $632,400

24.9% increase from May 2015

Attached property sales totaled 754

2.9% increase from May 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*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.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

Note: $0 means that there is no sales activity, not $0 as an MLS® HPI Benchmark Price.

Note: $0 means that there is no sales activity, not $0 as an Average Price Per Square Foot.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.