REBGV President Jill Oudil gives an update on the latest housing market statistics and explains how buyers can be successful in today's market.


Jill Oudil | President, REBGV

 

Demand for condominiums and townhomes continues to drive the Metro Vancouver Market. To better understand what's going on, let's look at four key indicators:

 

The first is home sales. REALTORS® registered 3,553 sales on MLS in Metro Vancouver last month. This is down over 25% form April last year, and is about 5% above the 10-year April sales average. Condominiums and townhomes are the most sought after property types in today's market. For the first four months of the year, they've accounted for 68% fo all residentail sales. This is up 10% from the same period last year.

 

The second indicator is home listings that supply the housing market demand. More than 4,900 homes were listed for sale in April. That's up 3% from March and 20% than last April. 

 

The third key indicator is ...

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     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% decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2% compared to January 2017 when 1,523 homes sold.


Last month’s sales were 7.7% 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% decrease compared to the 5,812 units listed in February 2016 and an 11.4% decrease compared...

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