Real Estate Board of Greater Vancouver president, Dan Morrison, summed up 2016 best, saying it was “an eventful year for real estate in Metro Vancouver.” While it was Metro Vancouver’ housing market’s third highest selling year behind 2015 and 2005 with sales totaling 39,943; 2016 still ended on an uncertain note.
“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.” said Morrison. He went on to say, “The supply of homes for sale couldn’t keep up with the homebuyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”
2016 topped out at $897,600 as the benchmark price for all residential properties. This was with only a 2.2% decrease through the latter half of the year, yet still a 17.8% increase compared to December 2015. December’s sales alone were 8.1% below the 10-year average for the month.
Vancouver Real Estate Statistics Report December 2016:
Total December Sales: 1,714
39.4% decrease from December 2015
22.6% decrease from November 2016
8.1% below the 10 year average
New Listings (detached, attached, and apartment): 1,312
35.1% decrease from December 2015
58.3% decrease from November 2016
Total Active listings on MLS®: 6,345
5.3% increase from December 2015
24.3% decrease from November 2016
Benchmark price for a detached property is $1,483,500
18.6% increase from December 2015
1.8% decrease from November 2016
Detached property sales totaled 541
52.4% decrease from December 2015
Benchmark price for an apartment property is $510,300
17.3% increase from December 2015
0.3% increase from November 2016
Apartment property sales totaled 915
25.3% decrease from December 2015
Benchmark price for an attached unit is $661,800
20.4% increase from December 2015
0.8% decrease from November 2016
Attached property sales totaled 258
44.6% decrease from December 2015
If you’re interested in seeing the complete breakdown, visitrebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation 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.