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 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.
April sales were 4.8 per cent 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 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent 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...
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Sale Starts: Early June 2017
Estimated Completion: Fall 2020
President Jill Oudil gives a quick review of the March housing market. She also looks at the difference in supply and demand conditions between property types.
Jill Oudil | President, REBGV
"A lack of new listings, coupled with strong demand for condos and townhomes impacted Metro Vancouver's housing market in March. To understand what's going on, let's look at four key indicators:
The first is home sales. REALTOR® registered 3,579 sales on our MLS in March. This is down over 30% from the record-breaking March of last year, and is about 8% above the 10-year average.
The second indicator is home listings that supply the housing market demand. The number of homes for sale in our region was nearly 7,600 homes last month. That's nearly unchanged from February and is roughly 3% higher than this time last year. New listings continue to be well below our 10-year average.
The third key indicator is home prices. The benchmark price for all residential homes in Metro...
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 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.
Last month’s sales were 7.9 per cent 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 per cent...