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:
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*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
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.