https://youtu.be/B9t5uXsiDCY Metro Vancouver home sales return to more traditional levels in April VANCOUVER, BC…
Condominium sales drive August activity
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 per cent increase from the 2,489 sales recorded
in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.
Last month’s sales were 19.6 per cent 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
per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent
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 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease
compared to July 2017 (9,194).
For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By
property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and
76.3 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
12 per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent 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 per cent increase over August 2016 and
a one per cent increase compared to July 2017.
Sales of detached properties in August 2017 reached 901, a 26 per cent 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 per cent increase from August 2016 and a 0.2 per cent increase
compared to July 2017.
Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent 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 per cent increase from August 2016 and a 1.7 per cent increase compared
to July 2017.
Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the
431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a
12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.
*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast,
Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody,
Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
The real estate industry is a key economic driver in British Columbia. In 2016, 39,943 homes changed ownership in
the Board’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar
value of residential sales transacted through the MLS® system in Greater Vancouver totalled $40 billion in 2016.