The 2017 Metro Vancouver real estate market opened at 10.3% below the 10-year sales average for January.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” said Real Estate Board of Greater Vancouver president Dan Morrison. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

1,523 residential properties sold last month, a 39.5% decrease from the 2,519 sales in January 2016 and a 11.1% decrease from the 1,714 sold in December 2016.

Property type is proving to be a key factor as townhome and condominiums continue to be active markets while detached homes are declining in popularity by about 7% since their peak last July.

An in-depth look at January 2017 Sales:

The 2017 Metro Vancouver real estate market opened at 10.3% below the 10-year sales average for January.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” said Real Estate Board of Greater Vancouver president Dan Morrison. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

1,523 residential properties sold last month, a 39.5% decrease from the 2,519 sales in January 2016 and a 11.1% decrease from the 1,714 sold in December 2016.

Property type is proving to be a key factor as townhome and condominiums continue to be active markets while detached homes are declining in popularity by about 7% since their peak last July.

An in-depth look at January 2017 Sales:

New Listings (detached, attached, and apartment): 4,140
6.8% decrease from January 2016
215.5% increase from December 2016

Total Active listings on MLS®: 7,238
9.1% increase from January 2016
14.1% increase from December 2016

Sales-to-Active Listings Ratio: 21%

Benchmark price for all residential properties: $896,000
0.2% decrease from December 2016

Benchmark price for a detached property is $1,474,800
6.6% decline over the past 6 months
0.6% decrease from December 2016

Detached property sales totaled 444
57.6% decrease from January 2016

Benchmark price for an apartment property is $512,300
0.3% increase over the past 6 month
0.4% increase from December 2016

Apartment property sales totaled 825
24.7% decrease from January 2016

Benchmark price for an attached unit is $666,500
0.4% decrease over the past 6 months
0.7% increase from December 2016

Attached property sales totaled 254
32.4% decrease from January 2016

For a complete comparison, visitrebgv.org. Want to sell, buy, or require a consultation? Contact us 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.

Current as of February 02, 2017. All data from the Real Estate Board of Greater Vancouver. Report © 2016 ShowingTime. Percent changes are calculated using rounded figures.

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.

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