Housing Stats for October 2017

Metro Vancouver home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and condo/apartment markets.

Per the REBGV (Real Estate Board of Greater Vancouver) –  “Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices. It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”

The growth in our provincial economy and the job market is contributing to today’s demand. The federal government’s announcement of plans to tighten mortgage requirements is also helping spur activity in the short term. Many buyers are trying to enter the market before the changes are in place.

Summary – October 2017

Residential Property Sales = 3,022

  • 35.3% increase from October 2016
  • 7.1% increase to September 2017

Last month’s sales were 15% above the 10-year October sales average.

Listing Stats on Multiple Listing Service® (MLS®)

Detached, Attached and Apartment properties = 4,539

  • 14% increase compared to October 2016
  • 15.6% decrease compared to September 2017

Total number of properties currently listed for sale on the MLS® = 9,137

  • 0.1% decrease compared to October 2016
  • 3.5% decrease compared to September 2017

Home Price Index benchmark price for all Residential properties = $1,042,300

  • 2.4% increase compared to October 2016
  • 0.5% increase compared to September 2017

 

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