Residential Property Sales in Metro Vancouver
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a 9% decrease from February 2017 (2,424), and a 21.4% increase compared to January 2018 (1,818).
Last month’s sales were 14.4% below the 10-year February sales average. By property type, detached sales were down 39.4% over the same period, attached sales were down 6.8%, and apartment sales were 5.5% above the 10-year February average.
The current benchmark price for all residential properties in Metro Vancouver is currently $1,071,800. This represents a 16.9% increase over February 2017, and a 1.4% increase from January 2018.
Detached properties saw 621 sales in February 2018, a 16.6% decrease from the 745 sales in February 2017. The current benchmark price for a detached property is $1,602,000; an 8.2% increase from last February, and virtually unchanged from January 2018. There were 1,185 apartment properties sold in February 2018, a 7.1% decrease from the 1,275 sales in February 2017. The current benchmark price for an apartment property is $682,800; a 27.2% increase from last February, and a 2.6% increase from January 2018. 401 attached homes were sold in February 2018, a 0.7% decrease from the 404 sales in February 2017. The current benchmark price for an attached property is $819,200; an 18.1% increase from last February, and a 1.9% increase from January 2018.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
There were 4,223 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018; a 15.2% increase from February 2017 (3,666) and an 11.2% increase from January 2018 (3,796). The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 7,822, a 3% increase from last February (7,594) and a 12.6% increase from January 2018 (6,947).
For all property types, the sales-to-active listings ratio for February 2018 is 28.2 %. By property type, the ratio is 13 % for detached homes, 37.6 % for townhomes, and 59.7 % for condominiums. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said. “To help you navigate these changes in today’s housing market, it’s important to work with your local REALTOR®.”
Sales down and values up in Lower Mainland commercial real estate
In Q3 2017, commercial real estate sales saw a decrease across all categories from the record-setting Q3 2016 levels. Based on Commercial Edge data (commercial real estate system operated by the Real Estate Board of Greater Vancouver), there were 715 sales in Q3 2016, compared to 652 sales in Q3 2017, representing an 8.8% decrease in the commercial real estate sale. These reductions were most pronounced in land and industrial sales.
“While there have been fewer commercial sales this year compared to 2016, activity remains in line with the long-term average for the region,” Jill Oudil, REBGV president said.
The total dollar value of Lower Mainland commercial real estate sales increased by 16.1% to $3.270 billion in Q3 2017 from $2.815 billion in Q3 2016.
On the pricing side, dollar values for commercial properties have climbed about 16% in the last year. This growth can be attributed, in part, to the extended economic growth we’ve been experiencing across a variety of sectors in our province.” said Oudil.
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