Greater Vancouver’s housing market has diverged on two distinct paths in 2017 as detached home prices remained stable year-over-year compared to 2016, while the region’s condo market experienced significant price appreciation as demand outpaced supply. Millennials are driving demand for condos as they look to enter the housing market, often with financial assistance from family. Inventory for detached homes is relatively high, with many sellers still listing their properties at prices more characteristic of the market prior to its peak in May 2016, resulting in inventory sitting on the market for longer periods.

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Content contained herein is sourced from the Real Estate Board of Greater Vancouver and provided for informational purposes only. It should not be considered investment advice or a recommendation to purchase or sell real estate. We do not guarantee the accuracy of this information. All decisions are at the sole discretion of the reader.

Content contained herein is sourced from the Real Estate Board of Greater Vancouver and provided for informational purposes only. It should not be considered investment advice or a recommendation to purchase or sell real estate. We do not guarantee the accuracy of this information. All decisions are at the sole discretion of the reader.

VANCOUVER, B.C. – November 4, 2014 – Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 percent increase compared to the 2,661 sales in October 2013, and a 4.6 percent increase over the 2,922 sales in September 2014.

Last month’s sales were 16.6 percent above the 10-year sales average for October.

“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight percent depending on the property,” said REBGV president Ray Harris.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four percent increase compared to the 4,315 new listings in October 2013 and a 14.7 percent decline from the 5,259 new listings in September.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 percent decline compared to October 2013 and a 6.6 percent decrease compared to September 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six percent increase compared to October 2013.

“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.

Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 percent from the 1,067 detached sales recorded in October 2013, and a 60.9 percent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 percent from October 2013 to $995,100.

Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 percent compared to the 1,098 sales in October 2013, and a 57.9 percent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four percent from October 2013 to $380,200.

Attached property sales in October 2014 totalled 518, a 4.4 percent increase compared to the 496 sales in October 2013, and an 53.3 percent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 percent between October 2013 and 2014 to $479,500.

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VANCOUVER, B.C. – October 2, 2014 – Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 percent increase compared to the 2,483 sales in September 2013, and a 5.4 percent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.

“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 percent increase compared to the 5,030 new listings in September 2013 and a 33.5 percent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 percent above 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 14,832, an 8 per cent decline compared to September 2013 and a 0.4 percent increase compared to August 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 percent increase compared to September 2013.

“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said. “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 percent from the 1,023 detached sales recorded in September 2013, and a 113.8 percent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 percent from September 2013 to $990,300.

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 percent compared to the 1,018 sales in September 2013, and a 75.7 percent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 percent from September 2013 to $378,700.

Attached property sales in September 2014 totalled 464, a 5 percent increase compared to the 442 sales in September 2013, and an 88.6 percent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 percent between September 2013 and 2014 to $477,700.

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VANCOUVER, B.C. – September 3, 2014 – The Metro Vancouver housing market experienced steady home sale, listing, and pricing trends for the month of August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 10.2 percent increase compared to the 2,514 sales recorded in August 2013, and a 9.5 percent decline compared to the 3,061 sales in July2014.

“Activity this summer has been strong but not unusual for our region,” Ray Harris, REBGV president said. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”

Last month’s sales were 4.3 percent above the 10-year sales average for August of 2,658.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $631,600. This represents a 5 percent increase compared to August 2013.

“Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Harris said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,940 in August. This represents a 5.9 percent decline compared to the 4,186 new listings in August 2013 and a 20 percent decline from the 4,925 new listings in July. Last month’s new listing total was 8.4 percent 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 14,768, a 7.9 percent decline compared to August 2013 and a 5.4 percent decrease compared to July 2014.

Sales of detached properties in August 2014 reached 1,158, an increase of 10.1 percent from the 1,052 detached sales recorded in August 2013, and an 85.6 percent increase from the 624 units sold in August 2012. The benchmark price for detached properties increased 6.6 percent from August 2013 to $984,300.

Sales of apartment properties reached 1,126 in August 2014, an increase of 10.6 percent compared to the 1,018 sales in August 2013, and a 55.3 percent increase compared to the 725 sales in August 2012. The benchmark price of an apartment property increased 3.6 percent from August 2013 to $379,200.

Attached property sales in August 2014 totalled 487, a 9.7 percent increase compared to the 444 sales in August 2013, and a 62.3 percent increase over the 300 attached properties sold in August 2012. The benchmark price of an attached unit increased 3.9 percent between August 2013 and 2014 to $474,900.

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VANCOUVER, B.C. – August 5, 2014 – The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 percent increase compared to the 2,946 sales recorded in July 2013, and a 10.1 percent decline compared to the 3,406 sales in June 2014.

“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”

Last month’s sales were 3.8 percent above the 10-year sales average for July of 2,948. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $628,600. This represents a 4.4 percent increase compared to July 2013.

“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.

The sales-to-active-listings ratio currently sits at 19.6 percent in Metro Vancouver. This ratio has ranged between 18 and 20 percent over the last four months.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5 percent increase compared to the 4,854 new listings in July 2013 and a 7.8 percent decline from the 5,339 new listings in June.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a six percent decline compared to July 2013 and a 2.5 percent decrease compared to June 2014.

Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 percent from the 1,249 detached sales recorded in July 2013, and a 68 percent increase from the 787 units sold in July 2012. The benchmark price for detached properties increased 6.5 percent from July 2013 to $980,500.

Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 percent compared to the 1,210 sales in July 2013, and a 30.7 percent increase compared to the 927 sales in July 2012. The benchmark price of an apartment property increased 2.2 percent from July 2013 to $376,500.

Attached property sales in July 2014 totalled 527, an 8.2 percent increase compared to the 487 sales in July 2013, and a 37.2 percent increase over the 384 attached properties sold in July 2012. The benchmark price of an attached unit increased 3.4 percent between July 2013 and 2014 to $472,400.

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VANCOUVER, B.C. – July 3, 2014 – The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 percent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 percent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 percent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray Harris, REBGV president said.

The sales-to-active-listings ratio currently sits at 21.3 percent in Greater Vancouver, which is the highest this measure has been since June 2011.

“Over the last three years, we’ve seen changes in demand yet home prices at the regional level have remained relative stability,” Harris said. “While these numbers provide high level trends, it’s important to know that changes in prices always vary depending on neighbourhood and property type. Consult your local REALTOR® for information on trends in your area of choice.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $628,200. This represents a 4.4 percent increase compared to June 2013.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5 percent increase compared to the 4,874 new listings in June 2013 and a 10.1 percent decline from the 5,936 new listings in May. Last month’s new listing count was 2.6 percent 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 Greater Vancouver is 16,011, a 7.4 percent decline compared to June 2013 and a 0.4 percent decrease compared to May 2014.

Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 percent from the 1,102 detached sales recorded in June 2013, and a 58.7 percent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 percent from June 2013 to $976,700.

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 percent compared to the 1,068 sales in June 2013, and a 27.5 percent increase compared to the 1,026 sales in June 2012. The benchmark price of an apartment property increased 2.4 percent from June 2013 to $378,000.

Attached property sales in June 2014 totalled 636, a 34.7 percent increase compared to the 472 sales in June 2013, and a 53.3 percent increase over the 415 attached properties sold in June 2012. The benchmark price of an attached unit increased 3.1 percent between June 2013 and 2014 to $471,200.

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VANCOUVER, B.C. – June 3, 2014 – An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 percent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 percent increase compared to the 3,050 sales in April 2014.

Last month’s sales were 6.5 percent below the 10-year sales average for May of 3,514.

The sales-to-active-listings ratio currently sits at 20.4 percent in Greater Vancouver, which is the first time that this measure has been above 20 percent since June 2011.

“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 percent, this is the most active marketplace we’ve seen since the spring of 2011,”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 percent increase compared to the 5,656 new listings in May 2013 and a 0.2 percent decline from the 5,950 new listings in April. Last month’s new listing count was 2 percent 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 Greater Vancouver is 16,072, a 6.7 percent decline compared to May 2013 and a 3.6 percent increase compared to April 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 percent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 percent from the 1,212 detached sales recorded in May 2013, and a 23.1 percent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 percent from May 2013 to $966,500.

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 percent compared to the 1,136 sales in May 2013, and an 11.2 percent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 percent from May 2013 to $377,500.

Attached property sales in May 2014 totalled 547, a 2.4 percent increase compared to the 534 sales in May 2013, and a 5.8 percent increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1 percent between May 2013 and 2014 to $469,100.

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