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VANCOUVER, BC – October 3, 2017 – Apartment and townhome activity is outpacing the detached home market across Metro Vancouver*. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 percent increase from the 2,253 sales recorded in September 2016, and a 7.3 percent decrease compared to August 2017 when 3,043 homes sold.

Last month’s sales were 13.1 percent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers' market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 percent increase compared to the 4,799 homes listed in September 2016 and a 26.6 percent increase compared to August 2017 when 4,245 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 percent increase compared to September 2016 (9,354) and a 7.5 percent increase compared to August 2017 (8,807).

“Detached homes made up 30 percent of all sales in September and represented 62 percent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 percent. By property type, the ratio is 14.6 percent for detached homes, 42.3 percent for townhomes, and 60.4 percent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 percent increase over September 2016 and a 0.7 percent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 percent increase from the sales recorded in September 2016 (666), a decrease of 33 percent from September 2015 (1,272), and a decrease of 32.9 percent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 percent increase from September 2016 and a 0.1 percent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 percent increase compared from the sales recorded in September 2016 (1,218), a 5.1 percent decrease from September 2015 (1,529), and a 22.1 percent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 percent increase from September 2016 and a 1.4 percent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 percent increase compared to the sales recorded in September 2016 (369), a 4.8 percent decrease from September 2015 (544), and an 11.6 percent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 percent increase from September 2016 and a 1.1 percent increase compared to August 2017.

 

 

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VANCOUVER, BC – September 5, 2017 – Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 percent increase from the 2,489 sales recorded in August 2016, and a 2.8 percent increase compared to July 2017 when 2,960 homes sold.

Last month’s sales were 19.6 percent above the 10-year August sales average.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 percent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 percent decrease compared to July 2017 when 5,256 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 percent increase compared to August 2016 (8,506) and a 4.2 percent decrease compared to July 2017 (9,194).

For all property types, the sales-to-active listings ratio for August 2017 is 34.6 percent. By property type, the ratio is 16.3 percent for detached homes, 44.8 percent for townhomes, and 76.3 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. This means there's less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 percent increase over August 2016 and a one percent increase compared to July 2017.

Sales of detached properties in August 2017 reached 901, a 26 percent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 percent increase from August 2016 and a 0.2 percent increase compared to July 2017.

Sales of apartment properties reached 1,613 in August 2017, a 20.1 percent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 percent increase from August 2016 and a 1.7 percent increase compared to July 2017.

Attached property sales in August 2017 totalled 529, a 22.7 percent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 percent increase from August 2016 and a 1.9 percent increase compared to July 2017.

 

 

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VANCOUVER, BC – August 2, 2017 – Home buyer activity returned to more typical summer levels in Metro Vancouver* last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 percent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 percent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 percent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 percent increase compared to the 5,241 homes listed in July 2016 and an 8.1 percent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 percent increase compared to July 2016 (8,351) and an eight percent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 percent. By property type, the ratio is 16.9 percent for detached homes, 44.9 percent for townhomes, and 62 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 percent increase over July 2016 and a 2.1 percent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 percent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 percent increase from July 2016 and a 1.5 percent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 percent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 percent increase from July 2016 and a 2.7 percent increase compared to June2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 percent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 percent increase from July 2016 and a 2.4 percent increase compared to June 2017.

 

 

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VANCOUVER, BC – July 5, 2017 – The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 percent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 percent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 percent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

There were 5,721 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2017. This represents a 2.6 percent decrease compared to the 5,875 homes listed in June 2016 and a 5.3 per cent decrease compared to May 2017 when 6,044 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,515, a nine percent increase compared to June 2016 (7,812) and a 4.2 percent increase compared to May 2017 (8,168).

“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

For all property types, the sales-to-active listings ratio for June 2017 is 45.7 percent. By property type, the ratio is 24.5 percent for detached homes, 62 percent for townhomes, and 93.2 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Market conditions will vary today depending on area and property type,” Oudil said. “It’s important to work with your local REALTOR® to help you understand the trends that are occurring in your community.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 7.9 percent increase over June 2016 and a 1.8 percent increase compared to May 2017.

Sales of detached properties in June 2017 reached 1,320, a decrease of 15.5 percent from the 1,562 detached sales recorded in June 2016. The benchmark price for detached properties is $1,587,900. This represents a 1.4 percent increase from June 2016 and a 1.1 percent increase compared to May 2017.

Sales of apartment properties reached 1,905 in June 2017, a decrease of 9.6 percent compared to the 2,108 sales in June 2016. The benchmark price of an apartment property is $600,700. This represents a 17.6 percent increase from June 2016 and a 2.9 percent increase compared to May 2017.

Attached property sales in June 2017 totalled 668, a decrease of 8.5 percent compared to the 730 sales in June 2016. The benchmark price of an attached unit is $745,700. This represents a 10.7 percent increase from June 2016 and a 0.6 percent increase compared to May 2017.

 

 

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VANCOUVER, BC – June 2, 2017 – Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 percent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 percent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 percent above the 10-year May sales average and is the thirdhighest selling May on record.

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 percent decrease compared to the 6,289 units listed in May 2016 and a 23.2 percent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 percent, followed by apartments at 22.7 percent and townhomes at 14.1 percent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 percent increase compared to April 2017 (7,813).

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 percent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 percent increase over May 2016 and a 2.8 percent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 percent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 percent increase over May 2016 and a 2.9 percent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 percent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 percent increase over May 2016 and a 3.1 percent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 percent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 percent increase over May 2016 and a 1.9 percent increase compared to April 2017.

 

 

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VANCOUVER, BC – May 2, 2017 – Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 percent decline compared to April 2016 when 4,781 homes sold and a 0.7 percent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 percent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 percent, on average, of all residential sales. This is up 10 percent from the 58.2 percent average over the same period last year.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 percent compared to the 6,127 units listed in April 2016 and a three pe cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 percent increase compared to April 2016 (7,550) and a three percent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 percent for all property types. This is two percent below March 2017 and is indicative of a sellers’ market. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 percent for townhomes, and 82.2 percent for condominiums.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five percent increase over the past three months and an 11.4 percent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 percent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 percent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 percent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 percent increase over the last 12 months and a 1.8 percent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 percent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 percent increase over the past 12 months and a 3.1 percent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 percent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 percent increase over the past 12 months and a 2.4 percent increase compared to March 2017.

 

 

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VANCOUVER, BC – April 4, 2017 – A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.

Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 percent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 percent compared to February 2017 when 2,425 homes sold.

Last month’s sales were 7.9 percent above the 10-year sales average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 percent compared to the 6,278 units listed in March 2016 and a 29.9 percent increase compared to February 2017 when 3,666 properties were listed.

This is the lowest number of new listings in March since 2009.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 percent increase compared to March 2016 (7,358) and a 0.1 percent decrease compared to February 2017 (7,594).

The sales-to-active listings ratio for March 2017 is 47.2 percent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 percent decrease over the past six months and a 1.4 percent increase compared to February 2017.

Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 percent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 percent decrease over the past six months and a one percent increase compared to February 2017.

Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 percent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 percent increase over the past six months and a 2.1 percent increase compared to February 2017.

Attached property sales in March 2017 totalled 588, a decrease of 25.2 percent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 percent increase over the past six months and a 1.4 percent increase compared to February 2017.

 

 

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VANCOUVER, BC – March 2, 2017 – Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 percent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 percent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 percent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 percent decrease compared to the 5,812 units listed in February 2016 and an 11.4 percent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 percent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 percent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While home sales are not happening at the pace we experienced last year, home seller supply isstill struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 percent decrease over the past six months and a 1.2 percent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 percent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 percent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 percent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 percent increase over the past six months and a 2.7 percent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 percent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 percent decrease over the past six months and a 1.3 percent increase compared to January 2017.

 

 

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VANCOUVER, BC – February 2, 2017 – Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 percent decrease from the 2,519 sales recorded in January 2016 and an 11.1 percent decrease compared to December 2016 when 1,714 homes sold.

Last month’s sales were 10.3 per cent below our 10-year January sales average.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “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.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 percent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 percent increase compared to December 2016 when 1,312 properties were listed.

The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 percent increase compared to January 2016 (6,635) and a 14.1 percent increase compared to December 2016 (6,345).

The sales-to-active listings ratio for January 2017 is 21 percent. This is the lowest the ratio has been in the region since January 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 percent since peaking in July while townhome and condominium prices held steady over this period.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7 percent decline over the past six months and a 0.2 percent decrease compared to December 2016.

Sales of detached properties in January 2017 reached 444, a decrease of 57.6 percent from the 1,047 detached sales recorded in January 2016. The benchmark price for detached properties is $1,474,800. This represents a 6.6 percent decline over the last six months and a 0.6 percent decrease compared to December 2016.

Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 percent compared to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300. This represents a 0.3 percent increase over the last six months and a 0.4 percent increase compared to December 2016.

Attached property sales in January 2017 totalled 254, a decrease of 32.4 percent compared to the 376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents a 0.4 percent decline over the last six months and a 0.7 percent increase compared to December 2016.

 

 

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VANCOUVER, BC – January 4, 2017 – The Metro Vancouver* housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 percent decrease from the 42,326 sales recorded in 2015, and a 20.6 percent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.

“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.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 percent compared to the 57,249 properties listed in 2015 and a 2.6 percent increase compared to the 56,066 properties listed in 2014.

“The supply of homes for sale couldn't keep up with home buyer 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.”

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 percent decrease over the past six months and a 17.8 percent increase compared to December 2015.

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 percent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 percent compared to November 2016 when 2,214 homes sold.

Last month’s sales were 8.1 percent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 percent compared to the 2,021 units listed in December 2015 and a 58.3 percent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 percent increase compared to December 2015 (6,024) and a 24.3 percent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 percent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 percent increase compared to December 2015 and a 1.8 percent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 percent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 percent increase compared to December 2015 and a 0.3 percent decrease compared to November 2016.

Attached property sales in December 2016 totalled 258, a decrease of 44.6 percent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 percent increase compared to December 2015 and a 0.8 percent decrease compared to November 2016.

 

 

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VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near historical averages in the Metro Vancouver* housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 percent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 percent compared to November 2015 when 3,524 homes sold.

Last month’s sales were 7.6 percent below the 10-year sales average for the month.

“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 (REBGV) president.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 percent compared to the 3,981 units listed in October 2016 and a 7.2 percent decrease compared to November 2015 when 3,392 properties were listed.

Last month’s new listing count was 1.2 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 Metro Vancouver is 8,385, an 8.3 percent decrease compared to October 2016 (9,143) and a 3.6 percent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4 percent. This is up two percent from last month (24.4 percent).

Downward pressure on home prices can occur when the ratio dips below the 12 percent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 percent over several months.

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 percent decrease compared to last month and a 20.5 percent increase compared to November 2015.

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 percent from the 652 detached sales recorded in October 2016 and a 52.2 percent decline over November 2015.The benchmark price for detached properties is $1,511,100. This represents a 2.2 percent decline compared to last month and a 23 percent increase compared to November 2015.

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 percent compared to the 1,178 sales in October 2016 and a 22.7 percent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 percent increase compared to November 2015.

Attached property sales in November 2016 totalled 376, a decrease of 6.7 percent compared to the 403 sales in October 2016 and a 40.9 percent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 percent decrease compared to last month and a 23 per cent increase compared to November 2015.

 

 

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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 percent decrease from the 3,646 sales recorded in October 2015 and a 0.9 percent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 percent 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-andsee 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 percent compared to the 4,126 units listed in October 2015 and a 17 percent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 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 9,143, a 4.5 percent decrease compared to October 2015 (9,569) and a 2.3 percent decrease compared to September 2016 (9,354).

The sales-to-active listings ratio for October 2016 is 24.4 percent. 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 percent 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 percent increase compared to October 2015 and a 0.8 percent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 percent 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 percent increase compared to October 2015 and a 1.4 percent decrease compared to September 2016.

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

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

 

 

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VANCOUVER, BC – October 4, 2016 – Metro Vancouver* home sales dipped below the 10- year monthly sales average last month.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 percent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 percent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 percent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one percent compared to the 4,846 units listed in September 2015 and an 11.8 percent increase compared to August 2016 when 4,293 properties were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 percent decline compared to September 2015 (10,805) and a 10 percent increase compared to August 2016 (8,506).

The sales-to-active listings ratio for September 2016 is 24.1 percent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period.

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 percent increase compared to September 2015 and a 0.1 percent decline compared to August 2016.

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 percent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 percent increase compared to September 2015 and a 0.1 percent increase compared to August 2016.

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 percent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 percent increase compared to September 2015 and a 0.5 percent decline compared to August 2016.

Attached property sales in September 2016 totalled 369, a decrease of 32.2 percent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 percent increase compared to September 2015 and a 0.1 percent decline compared to August 2016.

 

 

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VANCOUVER, BC – September 2, 2016 – For the second straight month, home buyer demand in

Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 percent less than the 2,771 sales in August 2014; and one percent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 percent decline compared to lastmonth’s sales.

From a historical perspective, last month’s sales were 3.5 percent below the 10-year sales average for the month.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 percent compared to the 4,281 units listed in August 2015 and an 18.1 percent decrease compared to July 2016 when 5,241 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 percent decline compared to August 2015 (10,897) and a 1.9 percent increase from July 2016 (8,351).

The sales-to-active listings ratio for August 2016 is 29.3 percent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 percent increase compared to August 2015 and a 4.9 percent increase over the last three months.

“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”

The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 percent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 percent from August 2015 to $1,577,300. This represents a 4.2 percent increase over the last three months.

 

 

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VANCOUVER, BC – August 3, 2016 – Metro Vancouver* homes sales resembled more typical levels in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 percent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 percent compared to June 2016 when 4,400 homes sold.

This is the first time since January that home sales in the region have registered below 4,000 in a month.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

Last month’s sales were 6.5 percent above the 10-year sales average for the month.

“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends,”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 percent increase compared to the 5,112 units listed in July 2015 and a 10.8 percent decrease compared to June 2016 when 5,875 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 percent decline compared to July 2015 (11,505) and a 6.9 percent increase compared to June 2016 (7,812).

The sales-to-active listings ratio for July 2016 is 38.6 percent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6 percent increase compared to July 2015.

Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 percent from the 1,559 detached sales recorded in July 2015. The benchmark price for detached properties increased 38 percent from July 2015 to $1,578,300.

Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 percent compared to the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 percent from July 2015 to $510,600.

Attached property sales in July 2016 totalled 547, a decrease of 20.7 percent compared to the 690 sales in July 2015. The benchmark price of an attached unit increased 29.4 percent from July 2015 to $669,000.

 

 

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VANCOUVER, BC – July 5, 2016 – Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 percent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 percent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 percent compared to the 5,803 units listed in June 2015 and a 6.6 percent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 percent decline compared to June 2015 (12,181) and a 1.1 percent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 percent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 percent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 percent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 percent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 percent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 percent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 percent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 percent from June 2015 to $656,900.

 

 

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VANCOUVER, BC – June 2, 2016 – Metro Vancouver* homes continue to sell at an unprecedented rate in communities across the region.

Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 percent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 percent compared to April 2016 when 4,781 homes sold.

Last month’s sales were 35.3 percent above the 10-year sales average for the month and rank as the highest sales total on record for May.

"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 percent compared to the 5,641 units listed in May 2015 and a 2.6 percent increase compared to April 2016 when 6,127 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 percent decline compared to May 2015 (12,336) and a 2.3 percent increase compared to April 2016 (7,550).

"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 sales-to-active listings ratio for May 2016 is 61.7 percent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 percent increase compared to May 2015.

Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 percent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 percent from May 2015 to $1,513,800.

Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 percent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 percent from May 2015 to $485,000.

Attached property sales in May 2016 totalled 754, an increase of 2.9 percent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 percent from May 2015 to $632,400.

 

 

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VANCOUVER, BC – May 3, 2016 –Last month was the highest selling April on record for Metro Vancouver.*

Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 percent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 percent compared to March 2016 when 5,173 homes sold.

April sales were 41.7 percent above the 10-year sales average for the month.

“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 percent compared to the 5,897 units listed in April 2015 and a 2.4 percent decline compared to March 2016 when 6,278 properties were listed.

"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,550, a 39.3 percent decline compared to April 2015 (12,436) and a 2.6 percent increase compared to March 2016 (7,358).

The sales-to-active listings ratio for April 2016 is 63.3 percent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800. This represents a 25.3 percent increase compared to April 2015.

Sales of detached properties in April 2016 reached 1,979, an increase of 9 percent from the 1,815 detached sales recorded in April 2015. The benchmark price for detached properties increased 30.1 percent from April 2015 to $1,403,200.

Sales of apartment properties reached 2,107 in April 2016, an increase of 33.4 percent compared to the 1,579 sales in April 2015.The benchmark price of an apartment property increased 20.6 percent from April 2015 to $475,000.

Attached property sales in April 2016 totalled 695, a decrease of 11.5 percent compared to the 785 sales in April 2015. The benchmark price of an attached unit increased 22.1 percent from April 2015 to $608,600.

 

 

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VANCOUVER, B.C. – April 4, 2016 –Metro Vancouver* home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 percent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.

Last month’s sales were 56 percent above the 10-year sales average for the month.

"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 percent compared to the 5,968 units listed in March 2015 and an 8 percent increase compared to February 2016 when 5,812 properties werelisted.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,358, a 40.5 percent decline compared to March 2015 (12,376) and a 0.8 percent increase compared to February 2016 (7,299).

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity," Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $815,000. This represents a 23.2 percent increase compared to March 2015.

Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 percent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 percent from March 2015 to $1,342,500.

Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 percent compared to the 1,627 sales in March 2015.The benchmark price of an apartment property increased 18.8 percent from March 2015 to $462,800.

Attached property sales in March 2016 totalled 786, an increase of 8.9 percent compared to the 722 sales in March 2015. The benchmark price of an attached unit increased 20.1 percent from March 2015 to $589,100.

 

 

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VANCOUVER, B.C. – March 2, 2016 – Last month was the highest selling February on record for the Metro Vancouver* housing market.

Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 percent from the 3,061 sales recorded in February 2015 and an increase of 65.6 percent compared to January 2016 when 2,519 homes sold.

Last month’s sales were 56.3 percent above the 10-year sales average for the month and rank as the highest February sales total on record.

“We're in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 percent compared to the 5,425 units listed in February 2015 and a 30.8 percent increase compared to January 2016 when 4,442 properties were listed.

“We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 percent decline compared to February 2015 (11,898) and a 10 percent increase compared to January 2016 (6,635).

The sales-to-active listings ratio for February 2016 is 57.2 percent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 percent increase compared to February 2015.

Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 percent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 percent from February 2015 to $1,305,600.

Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 percent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 percent from February 2015 to $454,600.

Attached property sales in February 2016 totalled 604, an increase of 15.9 percent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 percent from February 2015 to $569,600.

 

 

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